RICHMOND, Va. (WRIC) — A Wells Fargo bank near you may be closing soon.
CNN reports that the company announced plans Friday to shutter 800 of its branches by 2020. The company cited Americans relying more on mobile and online banking.
Some analysts believe the bank is trying to curb expenses from its fake account scandal and other high-profile troubles.
Wells Fargo paid $3.3 billion in legal expenses last quarter.
Wells Fargo did not specify how many employees would lose their jobs.
The bank will have about 5,000 branches in the U.S. after it completes the closures, which is still more than any other bank.
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1 comment:
Wells Fargo gets a lot of bad press, but I recently paid off a mortgage that I had with them for 25 years. Never, not even once, did I have a problem with my mortgage, and they did not sell it to a different lender, like so many mortgages end up.
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