more-arw search

Wells Fargo CFO: Some Branches Could Be Closed or Consolidated

Wells Fargo CFO: Some Branches Could Be Closed or Consolidated

The chief financial officer of the most valuable lender in the U.S., Wells Fargo, said during a recent investor conference that the corporation could potentially close or merge some of its branches as a cost-cutting measure.

Wells Fargo could reportedly close locations that are close to

The chief financial officer of the most valuable lender in the U.S., Wells Fargo, said during a recent investor conference that the corporation could potentially close or merge some of its branches as a cost-cutting measure.

Wells Fargo could reportedly close locations that are close to each other or move some of its mortgage and wealth-management staff into those outlets, CFO Timothy Sloan said during the conference in New York, according to Bloomberg.

"There are obviously some regulatory issues that you need to be mindful of when you combine a securities business and a deposit-taking business," Sloan explained. "But from time to time, we are clearly going to look at opportunities to consolidate."

Sloan's comments come as Wells Fargo chief executive John Stumpf has previously announced plans to cut $1.5 billion in quarterly costs by the end of the year, according to the news source.

According to The Associated Press, one measure being implemented by Wells Fargo is a $7 monthly fee for customers in six states who had previously had free checking accounts. The fee will begin in May, the news source said.

Topics: