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Wells Fargo & Company has announced plans to expand its retail branch presence in the greater Chicago area, with a commitment of $175 million to the region. The company aims to increase its current seven branches to at least 30 in the upcoming years, resulting in nearly 200 job opportunities.

The first of these new branches is set to open downtown Chicago this November. Additional locations will also be established in historically underinvested areas such as Bronzeville and Bridgeport.

“We are thrilled about our expansion into Chicago,” stated Saul Van Beurden, CEO of Consumer, Small & Business Banking at Wells Fargo. “Our investment not only includes physical branches but also mobile and online offerings for increased accessibility for our customers. We are dedicated to strengthening relationships within local communities and look forward to our continued growth.”