Great! Let's get more branches closed, and eliminate dead-weight, especially in management.
18 replies (most recent on top)
the only reason I have even stepped foot into a branch in the last 10 years (any bank or credit union) is to get a cashier's check.
this isn't new or shocking news. Digital and automation are coming (outside of retail as well), no matter what. Our customers needs and how they want to do business has changed and we've had a much larger footprint than ANY of our peers for decades. Banking won't go away, but how we all view branches, and the services provided, will shift. The current employees will likely be moved to another branch, if able, but otherwise I would suggest anyone working in retail to really go out and look into what the future of banking is moving towards and see how you can provide future value, and stability to your career. I do empathize for the folks that will be laid off, but it should certainly not be shocking to anyone.
This is old news
@jcw+16IfGdCB
Sorry to be the bearer of bad news but YOU need to be educated...
"On a call with reporters, CFO John Shrewsberry said that the eventual “glidepath” for the branch network would cut the number of branches to 4,000, from the current 5,400."
https://amp-charlotteobserver-com.cdn.ampproject.org/v/s/amp.charlotteobserver.com/news/business/banking/article244196997.html?amp_js_v=a3&_gsa=1&usqp=mq331AQFKAGwASA%3D#aoh=15989260567515&referrer=https%3A%2F%2Fwww.google.com&_tf=From%20%251%24s&share=https%3A%2F%2Fwww.charlotteobserver.com%2Fnews%2Fbusiness%2Fbanking%2Farticle244196997.html
Source below...
- AL - Birmingham - Jefferson - Center Point Branch - 2424 Center Point Parkway
- AZ - Flagstaff - Coconino - Flagstaff Mall - 4650 N. Hwy 89 D-3
- AZ - Phoenix - Maricopa - 7Th Street And Union Hills - 731 E. Union Hills Rd.
- AZ - Scottsdale - Maricopa - Scottsdale Crossing Branch - 2785 N. Scottsdale
- AZ - Sierra Vista - Cochise - East Fry & Coronado Branch - 2190 East Fry Boulevard
- AZ - Tucson - Pima - Golder Ranch - 15310 North Oracle Road
- AZ - Tucson - Pima - Manzanita Plaza Branch - 2940 West Valencia Road
- CA - Arcadia - Los Angeles - East Foothill Boulevard Office - 211 East Foothill Boulevard
- CA - Clayton - Contra Costa - Kirker Pass Office - 5431 Clayton Road
- CA - Davis - Yolo - Covell Market Place Branch - 1431 West Covell Boulevard
- CA - Fair Oaks - Sacramento - Fair Oaks Office - 4830 San Juan Avenue
- CA - Fair Oaks - Sacramento - Madison Mall Branch - 8870 Madison Avenue
- CA - Galt - Sacramento - Galt - 10430 Twin Cities Road
- CA - Highland - San Bernardino - Highland Center Office Branch - 26529 Highland Avenue
- CA - Lincoln - Placer - Lincoln Hills - 1520 Del Webb Boulevard, Suite C 103
- CA - Lodi - San Joaquin - Raley'S Lodi - 311 S. Lower Sacramento Road
- CA - Long Beach - Los Angeles - Marina Pacifica - 6290 Pacific Coast Highway
- CA - Milpitas - Santa Clara - Great Mall Office - 140 Great Mall Drive
- CA - Orange - Orange - West Chapman Ave. Branch - 1435 W. Chapman Ave.
- CA - San Francisco - San Francisco - Bush Divisadero Office - 1750 Divisadero Street
- CA - San Francisco - San Francisco - Safeway La Playa Branch - 850 La Playa Street
- CA - San Marcos - San Diego - Woodland Parkway - 151 Woodland Parkway
- CA - South Lake Tahoe - El Dorado - South Lake Tahoe - 4000 Lake Tahoe Boulevard, Suite 8
- CO - Longmont - Boulder - Ken Pratt & Parkway Branch - 1050 Ken Pratt Boulevard
- CT - Bethel - Fairfield - Bethel-Stony Hill - 81 Stony Hill Road
- FL - Fort Myers Beach - Lee - Fort Myers Office - 2815 Estero Boulevard
- FL - Gainesville - Alachua - Hunters Crossing - 5220 Nw 43Rd Street
- FL - Sanford - Seminole - Sanford Office - 101 East First Street
- FL - Sarasota - Sarasota - Siesta Key Banking Center Office - 5810 Midnight Pass Road
- GA - Forest Park - Clayton - Forest Park - 4532 Jonesboro Road
- GA - Newnan - Coweta - Newnan Main Office Branch - 30 Greenville Street
- GA - Woodstock - Cherokee - Woodstock Branch - 285 Molly Lane
- MD - Windsor Mill - Baltimore City - Dogwood Station - 2339 N. Rolling Road
- MN - Minneapolis - Hennepin - University-Midway - 3430 University Avenue Se
- NC - Dobson - Surry - Dobson Main Office - 105 North Crutchfield St.
- NC - Greensboro - Guilford - Golden Gate Office - 405 East Cornwallis Dr.
- NC - Hendersonville - Henderson - Laurel Park Branch - 1703 Brevard Road
- NM - Alburquerque - Bernalillo - Albertson'S North Coors - 6200 Coors Boulevard N.W.
- NM - Las Vegas - San Miguel - Douglas Branch - 701 Douglas
- NM - Santa Fe - Santa Fe - Guadalupe Branch - 502 North Guadalupe
- NV - Las Vegas - Clark - Tropicana & Boulder Branch - 5500 Boulder Highway
- OR - Molalla - Clackamas - Molalla Branch - 200 Center Street
- PA - Broomall - Delaware - Broomall - 2701 West Chester Pike
- PA - Kutztown - Berks - Kutztown - 301 W. Main St.
- PA - Wind Gap - Northampton - Wind Gap Branch - 1 North Broadway
- TX - Dallas - Dallas - Arapaho Branch - 15655 Coit Road
- TX - Dallas - Dallas - Snider Plaza - 6900 Snider Plaza
- TX - Houston - Harris - Town & Country Village Office - 12850 Memorial Drive, Suite 1000-A
- VA - Amelia Court House - Amelia - Amelia Branch - 9100 Virginia Street
https://www.occ.gov/topics/charters-and-licensing/weekly-bulletin/2020/wb-08162020-08222020.pdf
I don’t know about temp branch closures. But Scharf and Shrewsberry told investors and analysts that the bank will reduce its branch network to 4000 from 5400 as part of the $10B expense reduction. This doesn’t happen immediately, but they will be permanent. This has been discussed many times on this board, it is true.
https://www.marketscreener.com/quote/stock/WELLS-FARGO-COMPANY-14861/news/Wells-Fargo-mpany-Banks-plan-layoffs-as-costs-emerge-and-crisis-ends-31211302/
50 is nothing out of over 6K branches at one time. I know people that have never even been in a branch before. What are they needed for? Everything can be done online or by some other means. I haven't been in a branch for years.
@pzs+16IfGdCB The 1400 branch closures announcement for this year was for TEMPORARY closures, not PERMANENT. Please, get your facts straight before posting.
How come, other banks such as US Bank are opening branches? Whats up with WF closing branches?
https://www.occ.gov/topics/charters-and-licensing/weekly-bulletin/2020/wb-08162020-08222020.pdf
The last time I went into bank for for a money transfer. It s—s that lots of people will be displaced, but those are huge expenses.
They announced 1400 would be closed this year.
@cpx+16IfGdCB That's what she said.
Looooooots more than 50 coming peeps. Hope that isn’t a surprise to anyone. They have been very transparent about it.
Can you share the list?
Can I find it somewhere?
So that is ~200 closures announced in August. Still probably another 800 or so?