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Wells Fargo, the nation’s largest mortgage lender, is planning to close more than 400 bank branches by the end of next year.
According to a CNN report, the new wave of closures will follow the shuttering of 84 branches in 2016. The San Francisco-based bank did not offer a list of which branches it plans to shut down.
Wells Fargo’s reputation hit a significant pothole last year over a scandal involving fake bank accounts. However, the company insisted that the branch closings have no connection to that controversy, but instead reflect consumer preferences to online and mobile banking rather than traditional branch banking.