Wells Fargo to shutter three more branches in November as ‘banking bloodbath’ sweeps nation

Wells Fargo has confirmed it will axe three more branches by November amidst a widespread ‘banking bloodbath.’

Two of the locations affected are in Virginia – in Charlottesville and Richmond – while a further one is at Lehigh County, Pennsylvania. 

The latest shutdowns come after DailyMail.com revealed that 1,144 bank branches closed down between January and July this year leaving growing numbers of Americans without access to basic financial services. 

Wells Fargo was the third bank to close the most locations, having shuttered 160 between January and July.

Wells Fargo operates 4,000 banks nationwide and serves over 70 million customers. 

Wells Fargo has confirmed it will axe three more branches by November amidst a widespread ‘banking bloodbath’

Some 1,144 bank branches closed down between January and July this year leaving growing numbers of Americans without access to basic financial services

Addressing the latest closures, a spokesman for the bank told The Sun: ‘This is not an easy decision or one we take lightly.

‘Branches continue to play an important role in the way we serve our customers, and we continuously evaluate our branch network in light of changing customer needs, the increase in the use of digital banking, and market factors.’

All three will close on November 1. Bankers who use the Richmond branch in Virginia will be able to access another location two miles away.

Meanwhile two more Wells Fargo branches will remain in Charlottesville, Virginia, after the latest closure. 

Similarly, in Pennsylvania, three more branches remain nearby. 

Since 2019, some 10,680 bank branches have closed down, according to figures exclusively obtained by DailyMail.com from S&P Global Market Intelligence.

A handful affected small regional banks but nationals including Wells Fargo, Chase and U.S. Bank represented the bulk.

Although the onslaught on brick-and-mortar branches is ongoing, it may be slowing. In 2022 there were a total of 3,066 – nearly thrice the number to have been culled in seven months this year. Banks had a total of 78,121 active branches across the country as of the end of May, according to S&P.

With rampant inflation and the cost-of-living soaring, experts warn that customers may be more likely to want to discuss their finances with their bank in person.

Branches provide a lifeline for anyone looking to speak to a staff member in person or carry out simple tasks such as cashing a check, making a simple deposit or accessing cash.

The dwindling number of outlets means residents have to travel further to get to their nearest bank – which often hits vulnerable and elderly customers the hardest.

While a handful of closures affected small regional banks, national banks including Wells Fargo, Chase and U.S. Bank represented the bulk

According to the National Community Reinvestment Coalition, a third of the locations that closed between 2017 and 2021 occurred in areas that were predominately lower-income and majority-minority.

Accelerating closures run a risk of communities becoming so-called ‘banking deserts’ – when they are without access to a bank or credit union within 10 miles – leaving residents increasingly vulnerable to falling prey to high-fee lending options such as payday loans.

Banks are increasingly turning towards digital services – a development which was sped up hugely by the Covid-19 pandemic.