Wells Fargo Closing Branches. Is South Dakota, Minnesota, Iowa Next?
What has been the bread n butter for America’s fourth-largest bank? Its consumer banking unit. With over 4,400 branches, Wells Fargo is located in 37 states.
Now, many of those states will see branch locations closing their doors.
It's no secret that online banking has been a threat to physical locations for years. In a report by 247Wallstreet.com, the signs of the next nemesis are about to play a huge role in Wells Fargo's employment numbers.
AI and robotic technology will allow Wells Fargo to cut hundreds of these locations or eliminate most of the humans who work in them.
What does that mean for Wells Fargo branches in South Dakota, Minnesota, and Iowa? Too early to tell. However, Wells Fargo has filed for more than 100 branch closures this year alone.
On the bright side of this, although branches in many regions are closing, a smaller number are opening in a handful of successful markets.
South Dakota Branches - Wells Fargo Bank operates with 31 branches in 21 different cities and towns in the state of South Dakota.
Minnesota Branches - Minnesota has the 6th largest number of branches with 125.
Iowa Branches - 45
The failing financial health of Wells Fargo was evident this week as stock shares were trading lower.