Wells Fargo reports progress on branch closings

Wells Fargo & Co. officials said in an analysts' conference call the nearly 6,000-branch bank is well on its way to closing 200 branches this year and another 250 next year.

The moves are on par with its announced plans to close 400 branches through 2018, when the bank aims to have saved $2 billion in expenses for reinvestment, according to St. Louis Business Journal reporting. By the end of 2019, the bank aims to have cut another $2 billion to boost profits.

Wells Fargo also is responding to $185 million fine by the U.S. Consumer Financial Protection Bureau in September for discovery of employees issuing unauthorized deposit and credit card accounts to unsuspecting customers to collect financial bonuses.

Read more from St. Louis Business Journal.