Wells Fargo to close 122 California branches: report
Reuters
Reuters) – Wells Fargo & Co said on Tuesday that it would fold up 122 California branches due to its takeover of Wachovia Corp last year, the Los Angeles Times reported.
The closures, scheduled to occur in April, will involve shutting down 101 Wachovia offices and 21 Wells Fargo locations, the bank's spokeswoman Jennifer Langan told the paper.
All affected employees will be allowed to opt for jobs at other Wells Fargo branches, the LA Times said.
The paper said most of the locations that will be closed are Wachovia offices that are smaller and less prominently located than nearby Wells Fargo branches.
Both banks had a significant overlap in retail franchises in California and even after the downsizing, Wells Fargo will have over 1,000 branches in the state, the paper added.
(Reporting by Deepti Govind in Bangalore; Editing by Jon Loades-Carter)
FILE - In this April 16, 2008 file photo, a Wells Fargo Bank logo is seen in Sunnyvale, Calif. The North American Securities Administrators Association says Wells Fargo has agreed to repurchase about $1.3 billion in soured auction-rate securities from clients.
(AP Photo/Paul Sakuma, file)
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