Wells Fargo may close, merge branches

ATLANTA --Wells Fargo & Co. may close or consolidate outlets as it looks for ways to trim costs, reports Bloomberg.

The San Francisco-based bank could shut branches near each other or move some wealth-management or mortgage employees into those offices, bank Chief Executive Officer Timothy Sloan said Wednesday at an investor conference in New York.

It was unclear if Georgia branches would be closed or merged.
Sloan affirmed a goal announced by Wells Fargo Chief Executive Officer John Stumpf to trim $1.5 billion in quarterly costs by the end of this year, Bloomberg reported.

Wells Fargo has converted all former Wachovia Corp. network branches to its own brand, giving the bank 6,239 retail branches, 1,375 retail brokerage offices and 725 mortgage locations at the end of 2011, bank officials said at the Wednesday conference. The number outpaces Bank of America Corp. for the largest U.S. network of outlets, Bloomberg said.

Wells Fargo is Atlanta's second-largest bank by market share.


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