55 Receipts of notification of Branch closures with the OCC for WF on 8/18/2020. I think this is just the tip of the iceberg. Its been a fun ride, but I think it may be time to get off this roller coaster.
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Co-sign, in certain parts of Phoenix it seems like you can throw a rock from one branch and break a window on another.
Good luck to those affected, and stay safe.
1200 branches at approx 10 employees per branch, thats 12000 laid off. Where is the other 40-50k coming from? I can only speak from where I am locally and the branches are not blocks apart but miles and many in low income areas. WF better be careful with that. Too bad we are 15 years behind when it comes to technology compared to our competitors. Perhaps we should of spent the last 4 years cathing up, but once again poor leadership makes poor choices.
Somebody told me that this has been an issue since the Wachovia acquisition and only partially addressed with the integration. There are still supposedly plenty of cases where branches are really close to each other and not really necessary. Even some cases where there are/were branches right across the street from each other.
As much as people can do online does it really matter if you have to go a mile to get to a branch? Yeah, in some cities like San Francisco having branches are few blocks from each other is ok given how much foot traffic there is. But in a city like LA or Phoenix, you don't need one every block.
They have made it public they are going to close 1200 locations. So yes tip of the iceberg.