Wells Fargo Plans to Close 800 Branches By 2020
WELLS FARGO SAYS IT IS CLOSING BRANCHES IN RESPONSE TO CHANGING CONSUMER TASTES
(CNN) – A Wells Fargo bank near you may be closing soon.
The company announced plans Friday to shutter 800 of its branches by 2020.
It says because Americans are relying more on mobile and online banking.
Some analysts believe the bank is trying to curb expenses from its fake account scandal and other high profile troubles.
Wells Fargo paid $3.3 billion in legal expenses last quarter.
The bank did not say how many employees will lose their jobs.
Wells Fargo will have about 5,000 branches in the U.S. after it completes the closures.
That is still more than any other bank.