Category: JPMorgan (Page 1 of 30)

Wells Fargo Is Now Scheduled to Close 100 Branches This Year

Wells Fargo is now scheduled to close 100 branches this year according to records from the Office of the Comptroller of the Currency (OCC).

A spokesperson for the bank told DailyMail that although branches in many regions are closing, a smaller number are opening in a handful of successful markets.

“While the total number of branches continues to decline, new branches are being opened in high growth neighborhoods of existing markets, allowing us to offer more branch convenience,” they wrote.

“We may also open new branches where we combine two older existing branches into one better situated location.

Additionally, customers use our wide range of digital capabilities for many of their banking needs and, as a result, more transactions are happening outside the branch,” they added. 

Wells Fargo executives said the move to shutter the branch locations reflects a surging use of online banking and a diminishing need for brick-and-mortar stores, per The-Sun.

“Customers use our wide range of digital capabilities for many of their banking needs and, as a result, more transactions are happening outside the branch,” a spokesperson for Wells Fargo told the Albuquerque Journal.

“As customer preferences and transaction patterns change, so will our branches and the experiences customers have in them.”

In August, Daily Mail reported that Wells Fargo had filed to close 37 branches nationwide as online competition swept new customers.

7 Wells Fargo branches are currently scheduled to shutter in California for the month of October.

But Wells Fargo isn’t the only bank closing several of its branches.

In fact, JPMorgan Chase has closed the most branches with many more scheduled to shutter by year’s end.

Also Read: Wells Fargo is Now Freezing Bank Accounts in New Scandal

Chase Has Now Closed The Most Branches With More Scheduled

Market News Today - Wells Fargo Is Now Scheduled to Close 100 Branches This Year.
Market News Today – Wells Fargo Is Now Scheduled to Close 100 Branches This Year.

Chase has now closed the most branches with more scheduled to shutter by the end of the year.

Thousands of banks have shut down in the US last year, but one has stood apart from the pack with the most closures, says The-Sun.

“Banks are closing branches faster than they’re opening new ones.

U.S. banks closed over 3,000 branches last year while opening just 1,000.

JPMorgan Chase led in branch closures last year, shuttering 144 branches, while opening 133.

The trend will likely continue as banks face staunch competition for deposits and younger customers from online banks, fintech firms and Big Tech,” reports Kiplinger.

Between 2017 and 2021, more than 7,000 branches were closed in the U.S., which represents 9% of all locations.

One-third of these closures have been in areas with large minority populations.

“The initial wave of closures was sparked by mergers and acquisitions in the wake of the 2008 financial crisis.

More recently, changing consumer preferences and improved banking tech are the reasons given for ditching brick-and-mortar locations.

It shows that big-bank investment in tech is paying off, as new apps and websites with an expanding array of services have lured more customers.”

Although Chase is leading bank closures, the bank has stated that it plans to open new branches as well.

A spokesperson for the company told The U.S. Sun that the bank has made “significant investments in new branches, adding more than 650 over the last five years, including delivering on our commitment to build 400 branches in 25 new states.”

View list of Chase bank branches closing this year here.

Other Bank News Today

Bank News Today - Franknez.com.
Bank News Today – Franknez.com.

A US bank is now preventing families from accessing money, causing households to miss rent and fall behind on bills.

“This fourth day can’t reach customer service by chat or live agent. No transaction is allowed to go through although I have funds available. I can’t get groceries or Uber, idk what to do. Green dot has essentially stolen my money,” reports Tye Lanier.

More Green Dot Bank customers are speaking out against the bank in the latest scandal that has users trapped with no access to their money.

Green Dot Bank is now facing fraud allegations from various customers who have been locked out of their account from weeks to months.

Many customers are having difficulty receiving a direct response from the bank’s customer service department, with many claiming to have been given the runaround.

“It been a month and I still haven’t been able to get my money from Walmart green dot. I have ask for a replacement card 4 time haven’t got a card yet my rent is due for last month and this month I think there trying keep my money,” says Marzell Land.

“From AZ have not gotten my money since Wednesday. I have a family and bills I have to pay. I know when they fix this problem I’m getting my money and I’m gone like the wind, this is not right,” reported Bobby Rivers.

“My funds are gone. I believe now the bank [Green Dot Bank] is holding it hostage. It’s my SS money and I can’t get it back, they keep extending the date.

I’ll get my new card with my money on it. This has been going on since August 1 and I was in the hospital when I was hacked…I want my money, it’s mine not yours green dot,” says Sandra Machuga, who’s reported to FrankNez before.

Also Read: Banks Are Now Closing Thousands of Accounts Daily

Market News Published Daily 📰

Market News Today - Wells Fargo Is Now Scheduled to Close 100 Branches This Year.
Market News Today – Wells Fargo Is Now Scheduled to Close 100 Branches This Year.

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Also, thank you to all of our blog sponsors. This year we’ve been able to increase push notifications slots making it more convenient than ever for new readers to receive their daily market news and updates.

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Massachusetts Now Becomes The Next State to Experience Massive Layoffs

Massachusetts now becomes the next state to experience massive layoffs according to the latest MassHire Department of Career Services data.

“Layoffs continue to hit businesses in Massachusetts this year.

Under the Worker Adjustment and Retraining Notification Act, an employer with more than 100 full-time workers must provide a 60-day notice before laying off 50 or more people at a single site,” reports Ash Jurberg.

California remains the #1 state with the most layoffs in the country.

In second place is Colorado, with approximately 26,816 layoffs and 81 WARN notices, followed by Illinois, Washington, New York, Texas, New Jersey, Florida, and Michigan.

Upcoming layoffs in Massachusetts has grown drastically as more than 5,500 jobs are expected to shutter by the end of the year.

Below are the businesses that have filed a WARN act with the MassHire Department of Career Services this year advising of upcoming layoffs.

Related: Massive Layoffs in Florida Deepen According to New Data

Upcoming Layoffs in Massachusetts 2023

Market News Today - Massachusetts Now Becomes The Next State to Experience Massive Layoffs.
Market News Today – Massachusetts Now Becomes The Next State to Experience Massive Layoffs.

Below is a list of upcoming layoffs scheduled to take place in Massachusetts by year’s end.

  • SunSetter Products. 54 jobs cuts in Malden
  • Starry. 57 jobs cuts in Boston
  • Wayfair. 932 jobs cuts in Boston
  • Resilience US. 213 jobs cuts in Allston
  • Jounce Therapeutics. 77 jobs cuts in Cambridge
  • MassBiologics. 26 jobs cuts in Mattapan
  • Sunsetter Products. 54 jobs cuts in Malden
  • Pear Therapeutics. 78 jobs cuts in Boston
  • Takeda Development Centers America. 185 jobs cuts in Cambridge and Lexington
  • Path AI. 51 jobs cuts in Boston
  • Quad/Graphics. 58 jobs cuts in Leominster
  • Community Healthlink. Jobs cut in Worcester
  • Thayer Detoxification. 39 jobs cuts in Worcester
  • Thayer PASSages. 21 jobs cuts in Worcester
  • Transitional Support Systems. 18 jobs cuts in Worcester
  • Sunovian Pharmaceuticals. 223 jobs cuts in Marlborough
  • Makita USA. 4 jobs cuts in Norwood
  • Takeda – Shire Human Genetic Therapies. 42 jobs cuts in Lexington
  • The Rockport Company. 148 jobs cuts in Newton
  • Greenlight Biosciences. 96 jobs cuts in Lexington
  • Transdev Services. 137 jobs cuts in Taunton, Plymouth
  • Owens & Minor. 61 jobs cuts in Franklin
  • Blue Harvest Fisheries. 57 jobs cuts in New Bedford
  • David’s Bridal. Jobs cut across Massachusetts
  • Christmas Tree Shops. 223 jobs cuts in Middleboro
  • EMD Serono Research & Development Institute. 133 jobs cuts in Billerica
  • Rousselot, Inc. 84 jobs cuts in Peabody
  • EMD Serono Research & Development Institute. 6 jobs cuts in Billerica
  • Northeast Health Group. 215 jobs cuts in Westfield and Chicopee
  • Community Healthlink. 78 jobs cuts in Worcester
  • Trulieve. 90 jobs cuts in Holyoke
  • Vibra Hospital of Western MA. 87 jobs cuts in Springfield
  • Fresh American. 50 jobs cuts in Pittsfield
  • G2 Secure Staff. 67 jobs cuts in Boston
  • Mersana Therapeutics. 124 jobs cuts in Cambridge
  • Tufts Medical Center. 242 jobs cuts in Boston
  • WayForth. 30 jobs cuts in Boston
  • CVS Health. 76 jobs cuts in Boston
  • Apellis Pharmaceuticals. 175 jobs cuts in Waltham
  • 2seventy bio. 145 jobs cuts in Cambridge
  • Sage Therapeutics. 95 jobs cuts in Cambridge
  • Emergent Biosolutions. 86 jobs cuts in Canton
  • CVS Health. 64 jobs cuts in Wellesley
  • Web Industries. 68 jobs cuts in Holliston
  • Ambri. 89 jobs cuts in Marlborough
  • Trulieve. 90 jobs cuts in Holyoke
  • Matheson Flight Extenders. 305 jobs cuts in Chicopee
  • Lowell General Hospital. 251 jobs cuts in Lowell
  • MelroseWakefield Hospital. 81 jobs cuts in Melrose

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

Other Economy News Today

Economy News Today
Economy and Banking News Today.

Chase has now closed the most branches with more scheduled to shutter by the end of the year.

Thousands of banks have shut down in the US last year, but one has stood apart from the pack with the most closures, says The-Sun.

“Banks are closing branches faster than they’re opening new ones.

U.S. banks closed over 3,000 branches last year while opening just 1,000.

JPMorgan Chase led in branch closures last year, shuttering 144 branches, while opening 133.

The trend will likely continue as banks face staunch competition for deposits and younger customers from online banks, fintech firms and Big Tech,” reports Kiplinger.

Between 2017 and 2021, more than 7,000 branches were closed in the U.S., which represents 9% of all locations.

One-third of these closures have been in areas with large minority populations.

“The initial wave of closures was sparked by mergers and acquisitions in the wake of the 2008 financial crisis.

More recently, changing consumer preferences and improved banking tech are the reasons given for ditching brick-and-mortar locations.

It shows that big-bank investment in tech is paying off, as new apps and websites with an expanding array of services have lured more customers.”

Although Chase is leading bank closures, the bank has stated that it plans to open new branches as well.

A spokesperson for the company told The U.S. Sun that the bank has made “significant investments in new branches, adding more than 650 over the last five years, including delivering on our commitment to build 400 branches in 25 new states.”

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

Market News Published Daily 📰

Market News Today - Massachusetts Now Becomes The Next State to Experience Massive Layoffs.
Market News Today – Massachusetts Now Becomes The Next State to Experience Massive Layoffs.

Don’t forget to opt-in for push notifications so you don’t miss a single article!

Also, thank you to all of our blog sponsors. This year we’ve been able to increase push notifications slots making it more convenient than ever for new readers to receive their daily market news and updates.

You can also follow me on TwitterInstagramFacebook, or LinkedIn for daily news and updates on your favorite stories.


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A Big Bank Now Gets Fined For Cheating Customers Money

A big bank is now getting fined $9,650,000 for cheating customers money in hidden fees and interest for years.

A bank with about $670 billion in total assets will pay a multi-million-dollar fine after admitting to misleading credit card customers for years.

The Australian Securities and Investments Commission (ASIC) says Australia and New Zealand Banking Group Limited (ANZ) has agreed to pay $15 million AUD, worth about $9.65 million, after the country’s Federal Court found that the lender violated the ASIC Act and the National Consumer Credit Protection Act, reports DH.

According to the ASIC, ANZ falsely indicated to customers that they could get cash advances from their “Available Funds” without getting hit with fees and interest.

Instead of displaying accurate information, the court found that ANZ showed a larger amount than what was actually available for withdrawal, leading customers to believe that they could take cash advances that are free from fees and interest from their “Available Funds”, says DailyHodl.

The ASIC says ANZ wrongfully charged over 186,000 accounts with fees and interest associated with cash advances.

And in some instances, individuals were even charged with thousands of Australian dollars in fees for using the lender’s services.

The court found that ANZ failed to act “efficiently, honestly and fairly” by not accessing the issues in a timely manner.

“Customers deserve clear and accurate information about available funds in their accounts and what fees and charges may be applied. Many ANZ customers relied on the account information displayed by the bank and were charged fees that were inconsistent with that information…

These are errors that we expect a bank to be aware of and fix in a timely manner. It should not have taken ANZ several years to address this issue,” said ASIC Deputy Chair Sarah Court.

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

A Banking Giant Will Now Terminate Accounts Amidst Painful Economy

Market News Today - A Big Bank Now Gets Fined For Cheating Customers Money.
Market News Today – A Big Bank Now Gets Fined For Cheating Customers Money.

In other banking news, a banking giant will now terminate accounts amidst today’s painful economy.

“London-based lender Barclays says it plans to terminate the accounts of thousands of British citizens who are currently residing outside the United Kingdom.

The bank says it’s contacting expatriates living outside the UK about the coming closure of their savings or current accounts,” says the online magazine.

Barclays says all customers must have an acceptable UK address or else the lender will permanently shutter their accounts.

“Your address must be in one of these countries:

  • England
  • Scotland
  • Wales
  • Northern Ireland

We can’t accept a PO Box, c/o or a Barclays branch address.” 

According to the bank’s website, customers may be exempted from the new ruling as long as they meet certain qualifications.

“You’ll only be able to have an address outside the UK and keep your accounts open if:

  • You’re a UK Crown employee, or you’re the spouse or civil partner of a UK Crown employee
  • The address outside the UK on your account is for someone who manages your account for you (for example, someone who has power of attorney), or for someone who’s set up to receive information on your behalf (for example, an accountant or lawyer)
  • You’re outside the UK on a temporary basis for six months or less and will be moving back to the UK.” 

Yahoo! Finance reports that affected customers have six months to find a new bank where they can transfer their funds.

They can also open an International Bank Account which requires them to hold £100,000, worth about $121,000, across their Barclays savings and investment accounts to avoid a £40 ($48) monthly fee, reports DH.

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

Market News Published Daily 📰

Market News Today - A Big Bank Now Gets Fined For Cheating Customers Money.
Market News Today – A Big Bank Now Gets Fined For Cheating Customers Money.

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Also, thank you to all of our blog sponsors. This year we’ve been able to increase push notifications slots making it more convenient than ever for new readers to receive their daily market news and updates.

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7 New Wells Fargo Branches Will Now Close in California

7 new Wells Fargo branches will now close in California this month according to the latest data released by the Office of the Comptroller of the Currency (OCC).

While California has had the most bank closures out of any other state, we are still seeing an influx of closures nationwide.

It was reported in July that Wells Fargo will close its Flourtown, Montgomery County branch as more and more customers begin to switch to digital banking.

This is a trend we’ve seen all year as online-banking only banks attract an array of new customers primarily due to their high-yield offers.

“Wells Fargo has made the difficult decision to close the Flourtown branch on Wednesday, October 4, 2023,” according to a statement from the bank.

“Until then, customers can use each branch and bank with us as they always have.”

“This is not an easy decision or one we take lightly,” the bank said.

August had five Wells Fargo bank closures in California but had a total of 16 other bank branches shutter from Bank of America, JPMorgan, and others.

“Branches continue to play an important role in the way we serve our customers, and we continuously evaluate our branch network in light of changing customer needs, the increase in the use of digital banking and market factors, the bank stated.

In October, per OCC.gov, the following 7 California-based Wells Fargo bank branches are expected to close:

  • 116 Sunset Dr, San Ramon
  • 103 East Stetson Ave, Hemet
  • 1565 East Highland, San Bernardino
  • 118 E. Carillo St, Santa Barbara
  • 1071 El Camino Real, Redwood City
  • 303 N. El Dorado St, Stockton
  • 42420 Washington Ave, Bermuda Dunes

Also Read: Wells Fargo is Now Freezing Bank Accounts in New Scandal

Other Bank News Today

Market News Today - 7 New Wells Fargo Branches Will Now Close in California.
Market News Today – 7 New Wells Fargo Branches Will Now Close in California.

A US bank is now denying customers access to money according to several reports from users.

Green Dot Bank is now facing fraud allegations from various customers who have been locked out of their account from weeks to months.

Many customers are having difficulty receiving a direct response from the bank’s customer service department, with many claiming to have been given the runaround.

“It been a month and i still haven’t been able to get my money from Walmart green dot. I have ask for a replacement card 4 time haven’t got a card yet my rent is do for last month and this month i think there trying keep my money,” says Marzell Land.

Green Dot bank has been freezing multiple customer accounts resulting in missed bills or the usage of high interest credit cards to get by.

“From Az have not gotten my money since Wednesday I have a family and bills I have to pay. I know when they fixed this problem I’m getting my money and I’m gone like the wind, this is not right .🌋🌋🌋🤬🤬🤬. Just got done going through pandemic now this,” says Bobby Rivera.

What is being done about it? Nothing so far, though many of these reports have been submitted to the Better Business Bureau (BBB).

“My funds are gone. I believe now the bank [Green Dot Bank] is holding it hostage. It’s my SS money and I can’t get it back, they keep extending the date.

I’ll get my new card with my money on it this has been going on since the August 1 and I was in the hospital when I was hacked..I want my money it’s mine not yours green dot,” says Sandra Machuga, who’s reported to FrankNez before.

Also Read: Banks Are Now Closing Thousands of Accounts Daily

Market News Published Daily 📰

Market News Today - 7 New Wells Fargo Branches Will Now Close in California.
Market News Today – 7 New Wells Fargo Branches Will Now Close in California.

Don’t forget to opt-in for push notifications so you don’t miss a single article!

Also, thank you to all of our blog sponsors. This year we’ve been able to increase push notifications slots making it more convenient than ever for new readers to receive their daily market news and updates.

You can also follow me on TwitterInstagramFacebook, or LinkedIn for daily news and updates on your favorite stories.


Become a Sponsor for only $1/mo.

  • Gain access to EXCLUSIVE FrankNez articles you won’t find here.
  • Become part of a private and safe Discord community, just for retail investors.
  • Get drawn at the end of the year for holiday giveaways.


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