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The vast Wells Fargo branch network is shrinking.
Wells Fargo announced plans on Friday to shut down more than 400 bank branches by the end of 2018. That's on top of the 84 locations it pulled the plug on in 2016.
The acceleration of branch closures at Wells Fargo is a reflection of Americans' preference for online and mobile banking these days. Unlike Wells Fargo, its chief rivals Bank of America (BAC) and JPMorgan Chase (JPM) have been a lot more aggressive in shutting branches in recent years.
Wells Fargo (WFC) said the new branch closures haven't been fueled by the bank's fake account scandal.
However, Wall Street analysts do see a link. Not only does Wells Fargo face rising legal and compliance costs to clean up the mess, but its branches aren't likely to be the profit engines they once were.
Wells Fargo has eliminated the unrealistic sales goals that led to the bad behavior and its account openings have declined dramatically in recent months.
UBS analyst Saul Martinez wrote in a report published Friday that he had long expected the "scandal was likely to be a catalyst for a more aggressive focus on expenses."
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