Wells Fargo will now temporarily close a major California branch until 2024 according to new reports from Biz Journal.
“Wells Fargo recently closed its highly visible 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.
But in this case, Wells is going against the industry trend of closing branches and shrinking other locations.
The bank told me it has plans to reopen the Transbay Gateway branch by March 31, 2024,” says Mark Calvey.
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.
In August, Daily Mail reported that Wells Fargo had filed to close 37 branches nationwide as online competition swept new customers.
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
So far in 2023, Wells Fargo has scheduled 100 bank branches to shutter across the states.
Massive Layoffs At Wells Fargo Are Now Being Planned
According to an October 3rd report from BankingDive, over 500 employees stand to lose their jobs due to the closure,” reports Joel Eisenberg.
Wells Fargo could lay off as many as 525 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.
The development comes as Wells Fargo announced Tuesday it aims to expand its retail footprint in Chicago to 30 branches from seven — a $175 million, multiyear investment that could add 200 jobs.
Still, bank branches have closed more locations than they have reopened new ones.
“Branches continue to play an important role in the way we serve our customers, and customers continue to value the experiences they have in our branches,” Saul Van Beurden, the bank’s CEO of consumer, small and business banking, said in a statement.
Wells Fargo has cut its workforce by roughly 40,000 since the third quarter of 2020, and more cuts ae expected, the bank’s chief financial officer, Mike Santomassimo, said last month.
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