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Triad takes another hit from latest Wells Fargo, PNC branch closings

Triad takes another hit from latest Wells Fargo, PNC branch closings

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Wells Fargo & Co. executed last week the largest weekly branch-closing purge of its planned four-year initiative, including two more in the Triad.

Meanwhile, PNC Financial Services Group has closed 23 more branches, including its location at 3333 Robinhood Road in Winston-Salem.

The 73 Wells Fargo branch closings were disclosed Friday by the banks' federal regulator, the U.S. Office of the Comptroller of the Currency. They were effective as of Nov. 18, affecting 16 states.

That includes branches at 105 N. Crutchfield St. in Dobson and 105 E. Cornelius St. in Greensboro, as well as a branch in Hendersonville.

The nationwide branch closing count since mid-July has reached at least 321, with at least 13 in North Carolina that included a location at 3305 Battleground Ave. in Greensboro.

The latest batch of branch closings hit California and Arizona primarily at 31 and 12, respectively. 

Wells Fargo has announced plans to close up to 900 branches from 2018 to 2022 to reduce its nationwide total to between 5,000 and 5,100. The bank had 5,229 branches as of Sept. 30, down 77 from June 30.

The previous closing rounds involved: 20 on Nov. 10; 25 on Nov. 4; 43 on Oct. 21; 26 on Oct. 5; 45 on Sept. 30; 21 on Sept. 18; 27 on Sept. 2; 21 on Aug. 4; and 21 on July 21.

On July 15, chief executive Charlie Scharf laid out a goal of cutting $10 billion, or nearly 20%, in annual expenses that likely include a significant reduction to its workforce of 276,000 at that time. It eliminated a net 1,100 jobs during the third quarter.

Scharf said Oct. 14 the bank is evaluating how to further reduce its real-estate portfolio, similar in nature to what Truist Financial Corp. has been doing recently.

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@rcraverWSJ

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