According to InvestmentNews, Wells Fargo & Co., is pursuing a variety of initiatives to reduce expenses and streamline its businesses. The firm's Focus report stated actions from the initiatives could include "rationalizing branch and administrative locations, which may include consolidations and closures."
Wells Fargo made similar disclosures in its Focus report to the SEC last year. Typically, large organizations consider branch consolidations as leases on office spaces are ready to expire. Wells Fargo could be contemplating that, specifically as the industry prepares to return to the office as COVID-19 restrictions are lifted.
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