Saving Jobs While Shrinking a Branch Footprint
Wells Fargo managed to close seven bank branches in Arizona without firing anyone.
That’s great news for the employees of Wells Fargo —- it shows that the bank cares enough to re-assign employees when it can. Wells Fargo plans to close 200 branches in 2017, and another in 250 in 2018, according to reporting in The Motley Fool.
But the closings are terrible news for the real estate business. Property owners have relied on banks to fill their retail spaces. Many banks are now closing branches as their customers do more of their banking online.
“While branches continue to be important in serving our customers’ needs, our investment in digital capabilities has enabled us to seamlessly serve our customers across channels and provide choice in how they bank with us,” said Wells Fargo spokesperson Michael English to AZCentral.
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