Fake account scandal may cause Wells Fargo to close several branches

(AP Photo/Ben Margot, File)

Richmond, Va. (WRIC) — Although Wells Fargo has not formally announced branch closures in the wake of its fake account scandal, some are saying the bank may have to do just that.

The bank is currently in the process of determining ways to pay for the legal and compliance fees connected to the scandal.

On top of that, some branches that were previously profitable may not make as much money as they had previously due to the unrealistic sales goals that employees say led them to create as many as 2 million fake accounts.

Those sales goals have since been scrapped.

Wells Fargo previously hinted at branch closures during a presentation last week to analysts by showing a larger focus on mobile and online banking.

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