In a move that’s expected to chop $170 million in annual expenses, Wells Fargo plans to close 450 bank branches in 2017 and 2018. That’s about 8 percent of its current network of branches.
Wells Fargo is one of many U.S. banks that is reassessing its brick-and-mortar presence as more and more customers switch to online and ATM banking. Commercial real estate services company JLL predicts a 20 percent reduction
in the number of U.S. bank branches over the next five years, even as
some banks selectively open new branches at a “restrained pace.”. . . more