Thread regarding Wells Fargo & Co. layoffs

U.S. banks close record number of retail branches in 2021, Wells Fargo shutters most

  • U.S. banks closed a record number of retail branches in 2021.
  • On net, U.S. banks shuttered 2,927 branches last year, according to S&P Global Market Intelligence data.
  • Wells Fargo was the top net branch closer in 2021, closing on net 267 retail locations.

https://www.cnbc.com/2022/01/21/banks-close-record-number-of-branches-in-2021-led-by-wells-fargo.html

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| 1151 views | | 8 replies (last )
Post ID: @OP+1eXiLBlM

8 replies (most recent on top)

For whatever the reason Chase is bucking the trend with at least 4 new branches in the St Louis area in the last year or so. Couple in traditionally financially under served areas.

BTW, Branches are as much for developing local business accounts as dealing with consumers.

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Post ID: @2uap+1eXiLBlM

Why do we even have branches anymore? Even the boomers have learned how to use online banking or pick up a phone.

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Post ID: @cwd+1eXiLBlM

WF will continue to look more and more like Chase. If you go into a Chase branch you'll see one 'banker' and two tellers (probably part time). The kiosk can do most transactions so no need for humans. You're looking at WF's future branch model

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Post ID: @rps+1eXiLBlM

Apparently we're going to turn most of these into Cult Rehab centers for displaced TEAM Members.... come on in and get ya kewl aid!!!

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Post ID: @cdq+1eXiLBlM

If you compare Wells Fargo’s branch reductions since 2008 vs other banks we still have a lot of catching up to do.

BAC aggressively cut branches and they have done really well.

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Post ID: @njo+1eXiLBlM

What's a branch again? I've not actually been in one this century.

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Post ID: @bow+1eXiLBlM

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Post ID: @zzi+1eXiLBlM

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