Citi has 660
BOA has 3800
WFC: 4700!
How about closing 2000 branches. Let’s say each branch close around $1 million per year for lease and costs plus 12 employees salaries(another million). That is around 2 million savings per branch. Total saving by closing 2k branches is $2 billion per year. Invest that money in technology and existing employees. Charlie, that’s free advice, no charge!
What’s worse is that in my city they don’t have enough staff in some branches so they’ve closed the drive thru lanes.
Five/eight years ago we had almost 7000 branches and bragged about it.
Our leaders are id--ts.
Holy my beer and guitar, watch this...
1MM lease per branch is a bit high. Would be on the high side for like a SF or NY but for the majority of branches, it wouldn’t be anywhere near that.
This bank is a mess, close branches like crazy, but wait, lets open some in Chicago. huh?
I nominate you the new CEO.!!!
Why didn't you send this proposal to Charlie directly? You could have gotten a promotion.
Charlie is the id--t you id--t!
Do this and layoff directors and higher in each LOB and they'd save even more. The OC and their directs will save themselves as usual so cut the slack and do nothing direcors right below across the board. There you go Schart, more free advice.
They are closing branches if you haven't noticed. However, you are an absolute id--t of you think tye average bank pays $1 million per year in rent for each location.
$4 Billion per year saving