The Radnor Financial Center is losing its third tenant, a branch of Wells Fargo & Co., as part of the bank’s cost-cutting effort, writes Jeff Blumenthal for Philadelphia Business Journal.

The St. David’s branch, at 599 E. Lancaster Ave., brings the total to eight local branches closed.

Radnor Financial Center, owned by Brandywine Realty Trust, has lost two other tenants because of shifts in worker habits during the COVID-19 pandemic.

Harvest Seasonal Grill & Wine Bar and Philadelphia Sports Club closed a combined 50,000 square feet in locations there.

Both businesses were affected by the shift to remote work since they rely on office workers to frequent their businesses. Workers from building tenants like Lincoln Financial Group have not been in the office since March.

The absence of office workers and government mandated occupancy restrictions has meant a deep loss of customers

Wells Fargo is Philadelphia’s largest bank by deposits. It reported its first quarterly losses since the 2008 financial crisis and vowed to aggressively cut expenses.

It needs to cut least $10 billion in annual expenses.  It has applied to close 298 branches so far in 2020.

Read more about Wells Fargo pulling up stakes from the Radnor Financial Center at bizjournals.com.

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