Wells Fargo Closing Broomall Branch as Part of Belt-Tightening Effort
Wells Fargo & Co. plans to close 54 more branches — including a branch at 2701 West Chester Pike in Broomall, writes Jeff Blumenthal for Philadelphia Business Journal.
The bank is trying to cut billions of dollars in costs to stay competitive with rivals.
It’s also shutting down a site in Kutztown in Berks County and Wind Gap in Northampton County.
These latest closures put the total now at 254 closures this year, including 13 in the Philadelphia area.
Wells Fargo has 137 locations in southeastern Pennsylvania.
Wells Fargo, which is Philadelphia’s largest bank by deposits, suffered its first quarterly loss since 2008.
The bank has 6,000 of its 263,000 U.S. employees in the Philadelphia region.
It has 19 percent deposit market share.
Wells Fargo revenue has fallen 18 percent on the year and it posted a net loss of $2.38 billion in the second quarter.
CEO Charles Scharf informed investors the bank needs to reduce 20 percent of its annual costs, about $10 billion in annual expenses.
The layoffs at all levels triggered by the cuts could cause the largest transformation to Wells Fargo since it switched from transportation to banking a hundred years ago.
Read more about Wells Fargo branch closings here.
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