Wells Fargo Branches Closing at Villanova University and King of Prussia Mall
Wells Fargo & Co. continues to close bank branches, this time at Villanova University and the King of Prussia Mall, writes Jeff Blumenthal for Philadelphia Business Journal.
The branch closings are part of a bigger plan to cut billions in costs to compete with rivals.
This brings the current total of closings to 138 so far in 2021.
That’s based on applications filed by Wells Fargo with the Office of the Comptroller of the Currency, a federal bureau that regulates national banks.
It closed 329 of its 5,200 branches last year.
It plans to close 250 more in 2021.
CEO Charles Scharf said in July the bank needs to cut annual expenses by $10 billion. That’s 20% of its annual cost base.
The region’s largest deposit taker closed 12 locations in the Philadelphia area last year. It also closed another six in Lehigh Valley, Berks County and the Jersey Shore.
Since June 2020, Wells Fargo has closed branches locally at 2701 West Chester Pike, 599 E. Lancaster Ave. in St. Davids, and 75 St. James Place in Ardmore.
Branch closings have increased during the pandemic as customers become accustomed to banking online.
Consolidating branches the most are banks with major Philadelphia-area operations.
Read more at Philadelphia Business Journal about the Wells Fargo bank closings.
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