Wells Fargo Plans to Close More Than 400 Branches Through 2018

Wells Fargo Profit Drops 5.4% on Mortgage Banking Decline

Wells Fargo & Co. plans to close more than 400 branches in the next two years as the lender seeks to trim about $2 billion in costs by the end of 2018, Chief Financial Officer John Shrewsberry said.

The San Francisco-based company shuttered 84 branches in 2016, mostly in the second half, Shrewsberry said Friday in a conference call with analysts to discuss fourth-quarter results. Wells Fargo had more than 6,065 retail bank outlets at year-end, according to spokeswoman Mary Eshet.