Wells Fargo is shutting down its South Carolina branch, while simultaneously expanding its presence in Chicago.

Potential job losses for 525 employees due to closure, yet bank plans to bolster investment of $175 million in Chicago, expanding presence from 7 branches to 30.

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2025 September 16 . 2:18 AM

2 min read

Wells Fargo is shutting down an office in South Carolina, yet it is expanding its presence in... — Wells Fargo is shutting down an office in South Carolina, yet it is expanding its presence in Chicago.

Wells Fargo is shutting down its South Carolina branch, while simultaneously expanding its presence in Chicago.

Wells Fargo and Truist Announce Workforce Reductions and Expansion Plans

In a series of recent announcements, two major banks, Wells Fargo and Truist, have outlined their plans for workforce reductions and expansion.

Wells Fargo, one of the largest banks in the United States, has been reducing its workforce significantly. Since the third quarter of 2020, the bank has cut approximately 40,000 jobs. In addition, the bank plans to lay off up to 525 employees based in Columbia, South Carolina, by June 30, 2024. The affected employees will be offered severance and career counseling.

In a bid to strengthen its customer-centric culture, collaboration, strong risk management, and innovation, Wells Fargo also announced its intention to consolidate and expand its operations. The bank aims to have a branch within 15 minutes of 95% of Chicago's population, expanding its retail footprint in the city from seven branches to 30. This expansion could add 200 jobs in Chicago and will see an investment of $175 million. The first of the new branches is set to open in November.

Meanwhile, Truist, another major US bank, aims to reduce a "sizable" portion of its workforce to save $750 million in gross costs in the next 12 to 18 months. Employees who choose not to transfer within the bank will receive a formal 60-day notice.

Several other banks, including Citi, Barclays, and Goldman Sachs, are also expected to undergo layoffs. However, no specific information about the commercial or retail sectors was provided in the context of these announcements.

Elsewhere, the metal and electrical industry in Bavaria, Germany, has been facing economic challenges. In the coming months, several companies in this sector are planning layoffs, having already cut 18,000 jobs in the first half of 2025 due to reduced production capacity. No specific mention was made about focusing on reductions in their real estate portfolios in this case.

Wells Fargo's corporate office in Columbia, South Carolina, may close by June 30, 2024. Affected employees will have the opportunity to transfer to another Wells Fargo office. Within four days in late September, Wells Fargo shut down a dozen branches nationwide. The bank did not provide any information about purchasing licensing rights.

In a larger reorganization, Citi is also undergoing changes. No further details about these changes were provided in the context of the provided information.

These announcements underscore the ongoing changes and challenges in the banking sector, with companies focusing on cost-cutting measures and strategic expansions to stay competitive in an ever-evolving market.