SAN FRANCISCO—Wells Fargo is retreating from the Midwest.
The bank, scrambling to cut costs and dealing with a wave of scandals, announced plans to sell all of its branches in Indiana, Michigan and Ohio, CNN reported.
Wells Fargo, the second-largest bank in the country, will no longer have a retail presence in those states.
Flagstar Bancorp (FBC), a savings and loan, is buying the branches – 52 in all, including four of Wells Fargo's locations in Wisconsin, CNN said.
“All told, about $2.3 billion in deposits will leave Wells Fargo. The company said that all 490 employees will get offers to work at Flagstar,” CNN said.