Wells Fargo to close more than 400 branches

Rivals chase and bank of America have both closed at least nine percent of their branches since 2012

(CNN) – Problems continue to mount for Wells Fargo. The banking giant says it plans to shut down more than 400 of its branches nationwide by the end of 2018.

Wells Fargo says the closures have nothing to do with the bank’s fake accounts scandal. Wall Street analysts disagree, saying the scandal is likely forcing Wells Fargo to look hard at expenses.

Regardless, the closures are a sign Americans are turning more to online and mobile options for banking. Banks are responding by closing some of their brick-and-mortar locations.

Rivals Chase and Bank of America have both closed at least 9 percent of their branches since 2012.

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