According to TheStreet, Wells Fargo & Co WFC 0.02% is going against the recent trend in banking by opening new branches across the country.
While “Big 4” U.S. banking rivals Bank of America Corp BAC 0.12%, JPMorgan Chase & Co JPM 0.27% and Citigroup Inc C 0.24% are all closing branches as part of the growing transition to mobile banking, Wells Fargo continues to expand its physical presence.
Branch Numbers
Wells Fargo has opened 34 branches in the past two years.
By contrast, Citigroup, which has been undergoing a transition to become sleeker and more efficient after barely surviving the Financial Crisis, reduced its number of branches by 15 percent during the past two years.
Related Link: BlackBerry Sale Now Less Likely In Near-Term, Wells Fargo Says
JPMorgan trimmed down its total branches by less than 1.0 percent during that time, while Bank of America closed about 600 branches.
Mobile Numbers
While most big banks are closing branches, the business of banking is rapidly…
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