Retail banking shrinks

We cannot afford ATM fees. Going to on-line banking. 

SAN FRANCISCO — Wells Fargo intends to shut hundreds of branches this year and next amid a quest to cut costs as it battles the fallout from a scandal linked to bogus bank accounts.
The bank is being forced into these actions, analysts said Tuesday, because it may need to slash expenses if a new compensation structure erodes sales at branches, or if regulatory and legal investigations force additional spending.
The changes in pay for employees and the investigations both are responses to the disclosure that bank employees opened up to 2 million fraudulent checking and credit accounts without the permission of employee.
“With Wells Fargo’s change in the compensation structure, they are likely expecting softer sales results as the company seeks to rebuild trust,” said Michael Yoshikami, founder of Walnut Creek-based Destination Wealth Management, an investment firm. “Lower sales goals will lead to lower corporate profits and Wells Fargo is taking appropriate action to right size the company based on this new culture.”