Wells Fargo said that as part of its
restructuring plans, it will close 638 stores, consolidate its
consumer-finance division and shut its subprime lending unit as it
continues to digest its merger with Wachovia.

The bank said that after its 2008 merger, its
customers have access to 6,600 Wells Fargo and Wachovia community
bank stores and 2,200 Wells Fargo home
mortgage locations, abolishing the need for a separate network of
financial offices. 

David Kvamme, president of Wells Fargo Financial said: “The economics of a
separate Wells Fargo Financial channel
are no longer viable, especially now that our customers have access
to the largest banking and mortgage store network in the United

The bank assured that customers with existing
Wells Fargo Financial consumer loans will not be affected by the

Restructuring-related, pre-tax charges of
approximately $185mn will be incurred in total, with $137mn of that
total coming out of the company’s second quarter of 2010

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.