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Wells Fargo exits retail banking in 3 Midwestern states

Wells Fargo exits retail banking in 3 Midwestern states | iNFOnews.ca
FILE - This May 17, 2018 file photo shows the Wells Fargo logo above a trading post on the floor of the New York Stock Exchange. Wells Fargo is selling more than 50 retail bank branches in Indiana, Michigan, Wisconsin and Ohio to a Flagstar Bancorp subsidiary. (AP Photo/Richard Drew, File)

SAN FRANCISCO – Wells Fargo is exiting retail banking operations in three Midwestern states as the beleaguered company follows through on previous plans to reduce the number of locations it has open.

The San Francisco bank said Tuesday that it will sell 52 retail bank branches in Indiana, Michigan, Wisconsin and Ohio to a Flagstar Bancorp subsidiary, as well as several branches in Wisconsin.

Financial terms were not disclosed. Almost 500 employees will be get job offers from Flagstar.

Wells Fargo & Co. has said it will reduce to approximately 5,000 the branches it operates by the end of 2020.

The bank will maintain some commercial lending, wealth management, retail brokerage and home lending operations in the four states.

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