More Massive California Bank Branches Are Now Closing For 2024

By Frank Nez

November 13, 2023

More massive California bank branches are now closing for 2024 according to the latest data from the OCC.

California has had many unexpected bank closures all year and is now expecting the trend to follow into the new year.

According to the OCC, the following bank branches are scheduled to close in California in 2024.

Wells Fargo:

450 South Ventura Road, Oxnard
3360 San Pablo Dam Road, San Pablo
18010 Chatsworth Street, Granada Hills
116 Sunset Drive, San Ramon
103 East Stetson Avenue, Hemet
118 E. Carrillo Street, Santa Barbara

Bank of America:

90 Pier Avenue, Hermosa Beach
300 Lakeside Drive, Oakland
29687 The Old Road, Castaic

According to BankBranchLocator, Wells Fargo Bank currently operates with 4,598 branches located in 37 states.

The bank has most branches in California, Texas, Florida, New Jersey and North Carolina.

The branch at 333 Market St. in San Francisco, which included a flashy digital display within the branch that could be seen by those passing by, has temporarily closed this year until 2024.

“All over California, 277 bank branches have closed so far this year, second only this century to 2020, when 325 branches closed.

Branch openings are a much rarer occurrence: Only eight have occurred statewide this year,” reports Governing.

A recent report states that Wells Fargo plans to lay off approximately 525 of its employees based in Columbia, South Carolina, and close the bank’s corporate office there by June 30, 2024.

“Wells Fargo leaders are working to provide up-to-date facilities with modern workspaces and technology to create a more collaborative work environment that is a better employee experience,” Wells Fargo wrote in a notice.

“At the same time, we need to concentrate Wells Fargo real estate investments in fewer locations or reduce space in existing real estate,” the bank said.

Also Read: Massive Layoffs in California Now Underway Prior to Holidays

Other Banking News Today

A few massive banks have now become riskier due to the increasing amount of unrealized losses big enough to wipe out customer accounts.

JPMorgan Chase just revealed tens of billions of dollars in losses on securities, according to a new report on the company’s overall balance sheet.

The banking giant is now stuck with roughly $40 billion in unrealized bond losses as of Q3 of this year, which is a 20% rise over the previous quarter, reports Barron’s.

The new numbers were located in a footnote on the firm’s third-quarter financial supplement and were higher than an expected $34 billion loss.

“The news follows a new quarterly report from Bank of America revealing it now has a total of $131.6 billion in unrealized losses,” reports Daily Hodl.

“Although Wells Fargo and Citigroup have also reported third-quarter earnings, they have yet to reveal the latest stats on their own unrealized losses.”

In Q2 of this year, Wells Fargo said it had $40 billion in unrealized bond market losses, while Citigroup had $25 billion in paper losses.

The dangers of unrealized losses came into focus early this year amid the collapse of Silicon Valley Bank.

These massive number figures only make these banking giants riskier to bank with.

SVB’s sudden failure back in March was sparked by an announcement that it had booked a $1.8 billion loss from selling a portion of its underwater bond portfolio.

What’s alarming is that as a whole, Moody’s estimates that the US banking industry is facing approximately $650 billion in unrealized losses, as reported by Reuters.

“Those losses stem from a historic collapse in bonds amid the Fed’s push to keep interest rates higher for longer,” says Daily Hodl.

Also Read: A US Bank Is Now Stealing Customers Money

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