https://www.bizjournals.com/philadelphia/news/2021/05/17/wells-fargo-closing-21-more-branches.html
11 replies (most recent on top)
Many more to come and needs to happen
I see Wells Fargo customers posting on the nextdoor neighbor sites "Why is such and such Wells Fargo branch closed now, and also the other one closest to the neighborhood?". Then someone commented the local Bank of American branch was open for in person business. More stuff about banks closing due to Covid and health concerns.
Yeah, the unbanked initiative is a PR stunt. If they cared about those with limited access to banking services, they'd increase the branch footprint and the cash distribution network. Homeless guy ain't begging for Bitcoin and sending Zelles, not yet anyway.
Instead we're doing just the opposite. If that's what they want to do, fine, but don't p*** down my back and tell me it's rainin' with the PR nonsense. Just stop.
That should help with our exciting new unbanked initiative. All low income people have internet access, so we don’t need branches. We’ll just reach them online.
I love seeing this. Wells better keep progressing forward, we don’t need branches every block especially in low income areas with the new Affluent push.
Best of luck to the impacted teams!
It’s good news. There are too many branches. Consolidation is good
They need to close more. Branches are expensive and outdated.
We don’t need a bunch of Blockbuster video stores any more either.
Banks don’t need that many branches any more. Folks bank online and rarely need it set foot in a branch. Just a fact.
Wells Fargo & Co. will close 21 more branches, including locations in Philadelphia and Gloucester counties, as part of its broader plan to cut billions of dollars in costs to keep pace with its rivals.
The impacted branches include locations at 5119 Frankford Ave. in the Frankford section of Philadelphia and 101 Vera King Ferris Drive in Galloway, New Jersey.
They are among a batch of locations San Francisco-based Wells Fargo (NYSE: WFC) filed to close on May 11 with the Office of the Comptroller of the Currency. Other sites are in Maryland, Arizona, Virginia, Georgia, New York, Connecticut, Utah, Illinois, Colorado and South Carolina.
This is the latest batch of closings and brings the current total to 160 applications received from Wells by the OCC so far in 2021. Earlier this year, the bank announced plans to close locations in front of the King of Prussia Mall at 694 W. Dekalb Pike, on the campus of Villanova University at 800 E. Lancaster Ave., at 5458 Germantown Ave. in Germantown and 2300 Snyder Ave. in South Philadelphia, as well as one in Lancaster County and two in Berks County.
Wells Fargo closed 329 of its 5,200 branches last year and has plans to close about 250 this year — shuttering 117 already. CEO Charles Scharf told investors in July that the bank needs to shave $10 billion, or about 20%, off its annual cost base to rival efficiency at other banks.
Locally, the region’s largest deposit taker closed 12 locations in the Philadelphia area last year and one this year, as well as another seven combined in the Lehigh Valley, Berks and Lancaster counties and the Jersey Shore. All but two came after Scharf’s announcement. It has also parted way with several local executives, as Wells Fargo cut 6,400 jobs bank-wide in the fourth quarter alone.
Since the FDIC’s annual deposit data was recorded last June 30, Wells Fargo has reduced its branch count in the immediate Philadelphia region from 172 to 160. When factoring in the broader region that includes Delaware, the Jersey Shore, the Lehigh Valley and Berks County, the bank has gone from 281 locations to 262.
The pace of bank branch closings has picked up significantly during the pandemic, as more customers have become comfortable with online and mobile banking platforms. Several banks with major Philadelphia-area operations are the most avid consolidators.
TD Bank recently filed to close 81 of its 1,223 branches, including 11 in this region. PNC closed 160 branches last year and plans to close another 120 this year. Citizens eliminated 50 branches last year and 56 so far this year, including four in this region. When the parent company of WSFS Financial Corp. announced plans to acquire Bryn Mawr Bank Corp., it said it would shutter 40 of the combined bank's 130 locations.