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

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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.

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