Wells Fargo to close 400 branches

Wells Fargo plans to close at least 400 branches across the nation by the end of 2018.

In December, new checking accounts opened at the bank dropped by 40 percent after falling by 44 percent in November. Applications for Wells Fargo credit cards declined by 43 percent in December compared with the same month a year earlier.

Wells Fargo's community banking unit - the retail division in which the company's phony accounts scandal took place - fourth-quarter revenue dipped by 5 percent and profits sank 14 percent.

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