Founded on March 18, 1852, by Henry Wells and William G. Fargo, Wells Fargo is one of the oldest banks in America.
Wells Fargo has been closing plenty of branches over the last few years. The company shut down a total of 267 branches in 2021, more than any other bank.
Even in 2022, the company shuttered a lot of branches, leaving only 4,598 locations, down from 4,777 branches.
Wells Fargo's Fake Account Scandal, Changing Customer Preferences, and Increasing Competition are all reasons why Wells Fargo is closing locations.
Wells Fargo made revenue of $20.9 billion, which was 6.5% higher than the revenue of $19.6 that was generated in the third quarter of 2022.
Wells Fargo's reputation has been affected deeply because of its fake account scandal, a shift in online banking, etc. As a result the company has closed down hundreds of its locations and is going to shut down some more at the end of 2023