I’ve heard rumblings WF has plans to close a couple thousand branches to match BAC. There is an over saturation in multiple states were over the course of the last 15 years of consolidation of banks, there are 2 and 3 branches on every intersection.
10-15 employees at each branch or in support, that should mean appx 10-15k displaced employees.
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The executives who say technology means they don’t need branches or customer service on the ground because everyone now connects digitally are the same ones who pound the table and demand five days a week in some godforsaken office.
It's amazing that the banks are just coming to the realization that branches are going the way of the buggy whip. In the world of today, everyone can carry around a bank branch in their pocket/pocketbook. Just go to the app store, select the bank(s) of choice and voila, instant banking.
All the branches are huge drains on the bank bottom line so is it any wonder why they are closing them?
Handwriting is on the wall. Just a matter of time.
Ummm...yeah, this has been known for about five years
Wells Fargo is bloated compared to Bank of America. Wells Fargo has more employees but generates 20% less revenue than Bank of America. Wells Fargo must increase efficiency to be competitive.