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Do Branch Renovations Anchor Wells Fargo's Growth Strategy?
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Key Takeaways
At a conference, WFC said branch renovations are central to growth, leveraging its 4,100-branch network.
WFC's wider reach enables community-style access and branch-led product growth, with credit cards a focus.
WFC expects over half its branches to be refreshed by 2025, with renovations in major cities slated for 2026.
At the Goldman Sachs 2025 U.S. Financial Services Conference on Dec. 9, Wells Fargo & Company (WFC - Free Report) said that its branch renovation program is a key lever for future growth. CEO Charlie Scharf mentioned that the bank’s 4,100 branches, the second-largest network in the United States, represent a meaningful competitive edge, particularly because the company is less concentrated in major metropolitan areas than many of its largest rivals.
This wider geographic reach allows the bank to offer community-bank-style access and relationships in rural and remote markets, while still delivering the technology and capabilities of a national financial institution.
Scharf noted that the ongoing branch upgrades are intended to signal a shift toward a more growth-oriented culture. The redesigned locations are meant to encourage stronger in-person engagement and support product expansion, with management highlighting credit cards as a major opportunity for branch-led growth now that the asset cap is no longer a limiting factor.
Although Wells Fargo has reduced its overall footprint over the past decade by closing or selling certain locations as part of its broader optimization efforts (at the conference the bank signaled that its workforce could shrink in 2026 as part of a broader push to improve efficiency and incorporate artificial intelligence across its operations), it has also committed millions of dollars to new branches and renovations. By the end of 2025, WFC expects to have refreshed slightly more than half of its branch network. Renovations have already taken place in markets including Charlotte, Miami, Minneapolis, Philadelphia, San Diego and Washington, D.C., while Los Angeles, San Francisco and Atlanta are scheduled for updates in 2026.
In sum, Wells Fargo has framed its branch investments as a way to combine physical presence with modern digital tools, using its expansive network to differentiate itself from peers and drive long-term growth.
The Competitive Landscape for Wells Fargo
Similar to Wells Fargo, its peers JPMorgan (JPM - Free Report) and Bank of America (BAC - Free Report) view physical branches as strategic assets rather than legacy costs, using renovations and targeted expansion to complement digital banking and support long-term growth.
JPMorgan has been aggressively opening new branches and modernizing existing ones, particularly in fast-growing metro and suburban markets. The bank has highlighted its branch expansion as a way to deepen customer relationships, support deposits and drive product sales alongside digital growth.
JPM is expanding its affluent banking services by opening 14 new J.P. Morgan Financial Centers and plans to open more than 500 new branches by 2027, with 150 already built in 2024. The strategy aims to boost market share and seize cross-selling opportunities in cards and auto loans. JPMorgan is committed to renovating 1,700 existing locations by 2027 to serve its customers better.
Likewise, Bank of America continues to invest in financial center renovations and selective new branch openings, focusing on modern layouts, digital integration and advisory-focused spaces. The bank has embarked on an ambitious expansion plan to open financial centers in new and existing markets. By 2027, Bank of America plans to expand its financial center network and open more than 150 centers.
Wells Fargo’s Price Performance & Zacks Rank
Shares of Wells Fargo have gained 28.1% in the past six months compared with the industry’s growth of 25.2%.
Image: Bigstock
Do Branch Renovations Anchor Wells Fargo's Growth Strategy?
Key Takeaways
At the Goldman Sachs 2025 U.S. Financial Services Conference on Dec. 9, Wells Fargo & Company (WFC - Free Report) said that its branch renovation program is a key lever for future growth. CEO Charlie Scharf mentioned that the bank’s 4,100 branches, the second-largest network in the United States, represent a meaningful competitive edge, particularly because the company is less concentrated in major metropolitan areas than many of its largest rivals.
This wider geographic reach allows the bank to offer community-bank-style access and relationships in rural and remote markets, while still delivering the technology and capabilities of a national financial institution.
Scharf noted that the ongoing branch upgrades are intended to signal a shift toward a more growth-oriented culture. The redesigned locations are meant to encourage stronger in-person engagement and support product expansion, with management highlighting credit cards as a major opportunity for branch-led growth now that the asset cap is no longer a limiting factor.
Although Wells Fargo has reduced its overall footprint over the past decade by closing or selling certain locations as part of its broader optimization efforts (at the conference the bank signaled that its workforce could shrink in 2026 as part of a broader push to improve efficiency and incorporate artificial intelligence across its operations), it has also committed millions of dollars to new branches and renovations. By the end of 2025, WFC expects to have refreshed slightly more than half of its branch network. Renovations have already taken place in markets including Charlotte, Miami, Minneapolis, Philadelphia, San Diego and Washington, D.C., while Los Angeles, San Francisco and Atlanta are scheduled for updates in 2026.
In sum, Wells Fargo has framed its branch investments as a way to combine physical presence with modern digital tools, using its expansive network to differentiate itself from peers and drive long-term growth.
The Competitive Landscape for Wells Fargo
Similar to Wells Fargo, its peers JPMorgan (JPM - Free Report) and Bank of America (BAC - Free Report) view physical branches as strategic assets rather than legacy costs, using renovations and targeted expansion to complement digital banking and support long-term growth.
JPMorgan has been aggressively opening new branches and modernizing existing ones, particularly in fast-growing metro and suburban markets. The bank has highlighted its branch expansion as a way to deepen customer relationships, support deposits and drive product sales alongside digital growth.
JPM is expanding its affluent banking services by opening 14 new J.P. Morgan Financial Centers and plans to open more than 500 new branches by 2027, with 150 already built in 2024. The strategy aims to boost market share and seize cross-selling opportunities in cards and auto loans. JPMorgan is committed to renovating 1,700 existing locations by 2027 to serve its customers better.
Likewise, Bank of America continues to invest in financial center renovations and selective new branch openings, focusing on modern layouts, digital integration and advisory-focused spaces. The bank has embarked on an ambitious expansion plan to open financial centers in new and existing markets. By 2027, Bank of America plans to expand its financial center network and open more than 150 centers.
Wells Fargo’s Price Performance & Zacks Rank
Shares of Wells Fargo have gained 28.1% in the past six months compared with the industry’s growth of 25.2%.
Image Source: Zacks Investment Research
Currently, Wells Fargo carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.