Wells Fargo may close many of its locations after recent fake account scandal



SAN FRANCISCO (KRON/CNN) — Wells Fargo may be closing many of its locations after its recent fake account scandal, according to CNN Money.

The San Francisco-based company has not announced any widescale branch closures but did hint at it during a presentation for analysts last week.

Not only does Wells Fargo need to find ways to pay for legal and compliance costs linked to the mess, but the once-profitable branches may not make as much money now.

That is because the bank’s unrealistic sales goals, which employees say led to the creation of as many as 2 million fake accounts, have been scrapped.

One bank analyst predicts Wells Fargo will have to close nearly 1,000 of its 6,000 branches.

CNN contributed to this report.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s