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Article: Wells Fargo plans closure of 53 local branches. (Wells Fargo and Co.)
- Article from:
- Los Angeles Business Journal
- Article date:
- May 6, 1996
- Author:
CopyrightCOPYRIGHT 1996 CBJ, L.P. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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L.A. COUNTY - Wells Fargo & Co. plans to close 53 bank branches in L.A. County in July and August, as a result of its merger with First Interstate Bancorp, a Wells Fargo official said last week.
Statewide, Wells Fargo plans to close 259 branches and 2,000 people will be laid off as a result, said Kathleen Shilkret, spokeswoman for San Francisco-based Wells Fargo. It completed its acquisition.of L.A.-based First Interstate on April 1.
Wells Fargo has stated that a total of 7,200 jobs would be cut by year-end as a result of post-merger elimination of duplication.
Of the 259 branches to be closed statewide, 172 are First Interstate's and 87 are Wells ...