The Continued Strength of Community Banks
One of the most recent developments to come out of the banking industry were the recent layoffs conducted by Wells Fargo, the fourth largest lender in the United States. Announced last month, Wells Fargo laid off more than 200 employees mostly focused within their agriculture loan divisions in states such as North and South Dakota. According to people with direct knowledge on the matter, Wells Fargo has cut the commercial loan division of their lending portfolio by 25%. This comes as a blow to the farmers in North and South Dakota who were relying on Wells Fargo to meet their lending needs.