Florida Is Now At High Risk of Massive Bank Layoffs

December 4, 2023

Florida is now at high risk of massive bank layoffs as more branches continue to shutter as online-banking surges in popularity.

Banks such as Trustco, Bank of America, Wells Fargo, Fifth Third Bank, and PNCBank have already made headlines for their workforce reductions in Florida.

These layoffs reflect a broader trend in the financial sector, raising concerns about the stability of banking jobs in the region.

Citigroup, the nation’s third-largest banking institution, announced a significant “corporate overhaul,” as reported by CNBC.

This restructuring plan involves laying off at least 10% of employees in several divisions.

Tampa, Florida, hosts a major Citigroup corporate campus, spanning 100 acres and employing around 10,000 workers, only second to New York in employee count.

The Jacksonville Business Journal has raised concerns about potential job cuts in Florida, highlighting the state’s vulnerability in this corporate shake-up.

Wells Fargo has now shuttered seven major branches in Florida after it closed four in California.

The latest Wells Fargo branches to close in Florida are listed below:

3131 West Hallandale Beach Blvd, Hallandale
10191 Cleary Blvd, Plantation
113 South Tennessee Ave, Lakeland
4901 Tamiami Trail, South Naples
219 Indian River Avenue, Titusville
12233 North Florida, Tampa
2307 Del Prado Boulevard, Cape Coral

In July, Wells Fargo laid off over 100 employees in the consumer and small business banking division in Orlando.

The following bank branches are also scheduled to shutter in Florida in the coming weeks:

Trustco Bank. 1084 Lee Rd, Orlando
Bank of America. 126 East Olympia Ave, Punta Gorda

Between 2017 and 2021, nine percent of all branches — almost 7,000 locations— shut their doors.

Florida had the fourth most closures of any state.

Also Read: A US Bank is Now Denying Customers Access to Money

Other Banking News Today

A JPMorgan Chase customer now reports money vanished from her account after becoming a victim by scammers.

In Campbell, California, a Bay Area city on the south side of San Jose, resident Amanda Moon said she couldn’t believe it when $46,000 had been drained from her account with JPMorgan Chase.

She says both Chase and Wells Fargo refused to refund her for the stolen funds after the scammers made the transfer from her Chase account to a Wells Fargo account held by the thieves.

The financial hit was so devastating for the mother that she said it prevented her from taking care of her children and caused her to stop working, per Los Angeles ABC affiliate KABC-TV.

“I had to stop working. I wasn’t able to take care of my kids,” Moon told the outlet.

“It was like, it was kind of like I was mentally like, just… It was very distressing.”

Moon explained that she was a victim of a scam called SIM swapping.

A SIM swap occurs when fraudsters call a victim’s phone carrier after obtaining their number and trick the provider into activating a SIM card for a different device, per Norton.

The criminals got ahold of the new SIM card and proceeded to access Moon’s email and eventually, bank account information.

“So I was a victim of SIM swapping and somebody had hacked my bank accounts and stole money and the banks were refusing to return the funds to me,” Moon said.

The mom also called Comcast Xfinity, her phone provider, along with the Better Business Bureau (BBB) and Consumer Financial Protection Bureau (CFPB), and supposedly had no luck.

“I also contacted like the BBB, the CFPB. And so the companies were reaching out to me,” Moon told KABC-TV.

“So I was speaking with them. They denied all my requests,” she claimed.

Moon explained that she ultimately got a recommendation from a co-worker about an attorney, who wrote a letter on her behalf to Chase.

The financial services company later sent her a full refund of the $46,000 lost in the SIM swap scheme.

Also Read: The US Treasury Direct is Now Freezing Customer Accounts

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