WICHITA — Wells Fargo said today it is closing its 638 Wells Fargo Financial stores.
The San Francisco-based bank holding company said the closing would affect 3,800 employees companywide.
It is not clear how the closings will affect workers in Wichita, where the company has three Wells Fargo Financial stores.
"The economics of a separate Wells Fargo Financial channel are no longer viable, especially now that our customers have access to the largest banking and mortgage store network in the United States," David Kvamme, president of Wells Fargo Financial, said in a news release this afternoon.
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The stores offer consumer and commercial loan products, which will be rolled into the company's bank and mortgage operations. Wells Fargo said customers with existing loans will continue to receive service from the company.
The closings will not affect its existing Wells Fargo bank and Wells Fargo Home Mortgage offices.
The company said about 2,800 of the 14,000 jobs at Wells Fargo Financial will be eliminated in the next two months. Another 1,000 positions will be eliminated over the next year.
Remaining workers will be reassigned jobs in other parts of the company.
"We have already identified positions for thousands of our employees and are committed to finding new positions for as many impacted team members as possible," Kvamme said.
Read more on this story in Thursday's Business Today and at Kansas.com.