https://www.cnbc.com/2022/01/21/banks-close-record-number-of-branches-in-2021-led-by-wells-fargo.html
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.
Why do we even have branches anymore? Even the boomers have learned how to use online banking or pick up a phone.
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
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!!!
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.
What's a branch again? I've not actually been in one this century.
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