California`s 174-Year-Old Bank Well Fargo MOVES to Florida With $16 Billion

Описание: DESCRIPTION
California Bank Closures 2024: Wells Fargo Moves to Florida as 161 Branches Disappear
California lost 161 bank branches in 2024 — nearly double any other state. Now Wells Fargo is moving its $16 billion wealth management headquarters to Florida. What does this mean for the 8 million Californians who are already unbanked or underbanked?
In this video, we break down: → Why California leads the nation in bank branch closures → The Wells Fargo wealth management relocation to West Palm Beach → Which banks are closing the most branches (Bank of America, Chase, U.S. Bank) → How banking deserts are expanding in low-income and minority communities → The billionaire exodus driving financial institutions out of California → What the CalAccount program could mean for California's unbanked population
California's banking infrastructure is shrinking. Seniors, small business owners, and low-income communities are losing access to basic financial services while wealth management follows billionaires to Florida and Texas.
The data comes from the FDIC, Federal Reserve Bank of Philadelphia, IRS migration records, and the California Legislative Analyst's Office.

CHAPTERS:
0:00 — California's Bank Branch Crisis
1:12 — The Numbers: 161 Branches Gone
2:45 — Who's Closing the Most Branches
4:10 — Banking Deserts Explained
6:30 — Wells Fargo's Florida Move
8:45 — The Billionaire Exodus
11:20 — Who's Staying in California
12:40 — What Happens Next: 3 Things to Watch

SOURCES:
FDIC Branch Data (June 2024)
S&P Global Market Intelligence (Q1 2025)
Federal Reserve Bank of Philadelphia — Banking Desert Report (Feb 2024)
California Legislative Analyst's Office — Income Migration Data
IRS Statistics of Income — Migration Data 2021-2022

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DISCLAIMER : This video is for informational purposes only and does not constitute financial, legal, or medical advice. Beyond Coverage is not affiliated with or endorsed by any company mentioned. All information is sourced from publicly available news reports, government data, SEC filings, and official statements. We encourage viewers to verify information independently and consult qualified professionals for decisions specific to their situation.

#CaliforniaBankClosures #WellsFargo #BankingDeserts #CaliforniaExodus #BankBranchClosures