Chemical Financial's decision to shutter nearly 40 branches and cut more than 200 jobs is due to improved technology and an effort to become more efficient after years of pursuing acquisitions.
The Michigan company said the branch closures will save it $20 million a year. It also plans to devote fewer resources to indirect auto, where returns have trailed other lending categories.
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The goal, according to Wells Fargo's head of community banking, is to focus on how customers are treated rather than how many products they buy as well as create a consistent approach to the megabank's sprawling branch network.
The global bank’s U.S. unit has bounced back, aided by growth in deposits and wealth management profits as well as a focus on international customers. A $125 million investment in tech and branches hasn’t hurt either.
