Big Changes Ahead Tennessee Braces for Closure of Major Bank Branches
Image Source: NJ.com

Big Changes Ahead: Tennessee Braces for Closure of Major Bank Branches

A major bank is shutting down multiple branches in Florida due to the increasing trend of online banking, resulting in job losses in the industry.

The following four Wells Fargo stores in Florida are set to close this week, and the bank plans to close four more stores in California in the near future.

“In July, Wells Fargo fired more than 100 people in Orlando who worked in the consumer and small business banking division,” says Ash Jurberg. “Banks all over the US are still closing.”

Between 2017 and 2021, approximately 7,000 sites, which is one-ninth of all branches, were closed.

  • 113 South Tennessee Ave, Lakeland
  • 4901 Tamiami Trail, South Naples
  • 3131 West Hallandale Beach Blvd, Hallandale
  • 10191 Cleary Blvd, Plantation

The increasing use of computers and the Internet has led to this phenomenon becoming widespread nationwide. According to the DailyMail, S&P Global Market Intelligence data indicates that a total of 1,144 national and regional banks were shut down between January 1 and July 31, spanning 49 states.

Companies are withdrawing from certain regions more rapidly than others.

The company stated that, “We need to put Wells Fargo’s real estate investments in fewer places or make existing real estate smaller.”

The Chief Executive Officer (CEO) of consumer, small, and business banking at the bank, Saul Van Beurden, stated:

“Branches continue to play an important role in how we serve our customers, and customers continue to value the experiences they have in our branches.” Since the third quarter of 2020, Wells Fargo has laid off about 40,000 workers, and the bank’s chief financial officer, Mike Santomassimo, said last month that more cuts are likely”.

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