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Wells Fargo is closing over 400 bank branches

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August 08, 2018, 02:38:10 am suzytr says: Hello, any good churches in the Sacto, CA area, also looking in Reno NV, thanks in advance and God Bless you Smiley
January 29, 2018, 01:21:57 am Christian40 says: It will be interesting to see what happens this year Israel being 70 years as a modern nation may 14 2018
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October 16, 2017, 03:28:18 am Christian40 says: anyone else thinking that time is accelerating now? it seems im doing days in shorter time now is time being affected in some way?
September 24, 2017, 10:45:16 pm Psalm 51:17 says: The specific rule pertaining to the national anthem is found on pages A62-63 of the league rulebook. It states: “The National Anthem must be played prior to every NFL game, and all players must be on the sideline for the National Anthem. “During the National Anthem, players on the field and bench area should stand at attention, face the flag, hold helmets in their left hand, and refrain from talking. The home team should ensure that the American flag is in good condition. It should be pointed out to players and coaches that we continue to be judged by the public in this area of respect for the flag and our country. Failure to be on the field by the start of the National Anthem may result in discipline, such as fines, suspensions, and/or the forfeiture of draft choice(s) for violations of the above, including first offenses.”
September 20, 2017, 04:32:32 am Christian40 says: "The most popular Hepatitis B vaccine is nothing short of a witch’s brew including aluminum, formaldehyde, yeast, amino acids, and soy. Aluminum is a known neurotoxin that destroys cellular metabolism and function. Hundreds of studies link to the ravaging effects of aluminum. The other proteins and formaldehyde serve to activate the immune system and open up the blood-brain barrier. This is NOT a good thing."
http://www.naturalnews.com/2017-08-11-new-fda-approved-hepatitis-b-vaccine-found-to-increase-heart-attack-risk-by-700.html
September 19, 2017, 03:59:21 am Christian40 says: bbc international did a video about there street preaching they are good witnesses
September 14, 2017, 08:06:04 am Psalm 51:17 says: bro Mark Hunter on YT has some good, edifying stuff too.
September 14, 2017, 04:31:26 am Christian40 says: i have thought that i'm reaping from past sins then my life has been impacted in ways from having non believers in my ancestry.
September 11, 2017, 06:59:33 am Psalm 51:17 says: The law of reaping and sowing. It's amazing how God's mercy and longsuffering has hovered over America so long. (ie, the infrastructure is very bad here b/c for many years, they were grossly underspent on. 1st Tim 6:10, the god of materialism has its roots firmly in the West) And remember once upon a time ago when shacking up b/w straight couples drew shock awe?

Exodus 20:5  Thou shalt not bow down thyself to them, nor serve them: for I the LORD thy God am a jealous God, visiting the iniquity of the fathers upon the children unto the third and fourth generation of them that hate me;
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« on: January 19, 2017, 03:18:26 pm »

Wells Fargo is closing over 400 bank branches
1/18/17
http://fox43.com/2017/01/18/wells-fargo-is-closing-over-400-bank-branches/



NEW YORK– The vast Wells Fargo branch network is shrinking.

Wells Fargo announced plans on Friday to shut down more than 400 bank branches by the end of 2018. That’s on top of the 84 locations it pulled the plug on in 2016.

The acceleration of branch closures at Wells Fargo is a reflection of Americans’ preference for online and mobile banking these days. Unlike Wells Fargo, its chief rivals Bank of America and JPMorgan Chase have been a lot more aggressive in shutting branches in recent years.

Wells Fargo said the new branch closures haven’t been fueled by the bank’s fake account scandal.

However, Wall Street analysts do see a link. Not only does Wells Fargo face rising legal and compliance costs to clean up the mess, but its branches aren’t likely to be the profit engines they once were.

Wells Fargo has eliminated the unrealistic sales goals that led to the bad behavior and its account openings have declined dramatically in recent months.

UBS analyst Saul Martinez wrote in a report published Friday that he had long expected the “scandal was likely to be a catalyst for a more aggressive focus on expenses.”

No matter the cause, Wells Fargo isn’t signaling widespread layoffs of bankers, tellers and other branch employees. The bank said that many of the 200 closures it anticipates this year will be in close proximity to other locations it owns and many of the employees can be transferred to nearby branches.

In 2018, Wells Fargo plans to shut down “slightly” more than 200 branches. It’s part of a broader Wells Fargo plan to save about $2 billion a year by the end of next year.

Tim Sloan, who took over after long-time CEO John Stumpf abruptly stepped down last year, said the moves are in response to shifting consumer behavior.

“They still want to come into our branches,” Sloan said, “but they’re also accessing us online, on mobile, through ATMs and over the phone.”

In many ways, Wells Fargo has only just begun to catch up with the trend of big banks closing branches.

Even after accounting for this year’s closures, Wells Fargo still has more than 6,000 branches across 39 states. To put that into context, Wells Fargo has about 1,000 branches more than any other bank in America, according to research by CSLA.

Since 2012, Wells Fargo’s branch count has declined by just 2%. By comparison, CSLA recently estimated that Chase’s branch network has shrunk by 9% and Bank of America’s by 15%.

That’s why some on Wall Street are pushing Wells Fargo to close even more branches.

Mike Mayo, a bank analyst at CSLA, told CNNMoney last fall that he believes Wells Fargo will need to ultimately close 1,000 branches.

Mayo even argued that Wells Fargo’s massive branch network may have helped fuel the scandal. He said the need to justify the costly branches “could have contributed to pressure on staff to sell more.”

Sloan explained on Friday that the pace of branch closures may fluctuate based on how customers respond. “We may increase, or we may decrease, who knows,” he said.

There’s reason to believe Wells Fargo has room for deeper cuts.

A UBS analysis found that more than 40% of Wells Fargo branches lie within a five-minute drive of another Wells Fargo branch. UBS said that’s among the highest “cannibalization” ratios of any of the big banks, even though Wells Fargo doesn’t have as big of an urban presence as other lenders.

UBS’s Martinez said homeownership and income metrics also suggest Wells Fargo’s “footprint does not have especially attractive demographics that would justify a more concentrated branch network.”
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