Wells Fargo has begun closing at least 500 retail banking and credit union locations in the United States, the bank said in a filing with the Securities and Exchange Commission.
The company did not give a specific number.
The closures include branches, ATMs, payday loan and other retail outlets, the company said.
Wells Fargo, which has about 1,500 branches nationwide, has been cutting jobs at retail locations, with a number of them closing this year, according to the bank.
The bank said it has also eliminated 1,000 retail banking jobs, and that it plans to eliminate more than 700 credit union positions.
Wells announced in August that it would close all its retail branches in the US, and will consolidate its retail business.
The changes are part of a strategy to cut costs and boost profits, which Wells says is contributing to the company’s bottom line.
The U.S. unemployment rate fell to 4.9% in October from 5.2% a month earlier, according the Bureau of Labor Statistics.
Wells said it expects its retail operations to remain flat in 2018.