Wells Fargo Branch Closing in Downtown Fredericksburg

FREDERICKSBURG, VA — Still reeling from a fake bank account scandal, Wells Fargo announced this week it plans to close at least 400 bank branches through 2018, and among them will be the downtown branch at 614 Princess Anne Street.

After the April closing, employees will be shifted to an expanded branch at Fredericksburg Shopping Center, 519 Jefferson Davis Highway.

The bank revamped its employee pay criteria amid into investigations regarding that fact that Wells Fargo employees opened some 2 million fraudulent checking and credit accounts without the permission of its customers.

"With Wells Fargo’s change in the compensation structure, they are likely expecting softer sales results as the company seeks to rebuild trust," Michael Yoshikami, founder of Walnut Creek-based Destination Wealth Management, an investment firm, told the San Jose Mercury News. "Lower sales goals will lead to lower corporate profits, and Wells Fargo is taking appropriate action to rightsize the company based on this new culture."

Here is Well Fargo's response to the scandal.

Image via Wells Fargo