Wells Fargo Financial Offices Closing Could Hurt Online Gamblers

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Wells Fargo Financial has decided to close 638 of their offices around the US. The decision comes at a time when the economy has been stabilizing, and the fallout from the decision will cost thousands of employees their jobs.

Subprime lending operations have been closing in record numbers over the past several months. Wells Fargo becomes the latest of the financial giants to shut down offices, but according to some analysts they will not be the last. The wells Fargo offices being shut are primarily in lower income areas.

One of the possible fall-outs from the closures is the loss of almost 4,000 employees. With thousands of workers losing their jobs, there could be another industry that feels the effects of today's decision, the online gambling industry.

Online poker has become a major form of entertainment in the US as well as around the world. When 4,000 people lose their jobs, that means a lot of households where the adults can no longer take part in online gambling. If many of these workers find new employment quickly, some analysts believe it will minimize the affect on the Internet gambling industry.

"Online poker sites are pulling customers from all walks of life, but certainly one of their main sources of participation is within the financial industry," said Gaming Analyst Steve Schwartz. "My guess is that the amount of lost business will be minimal, if there is any decrease in action at all."

Wells Fargo is the largest mortgage lender in the US. The company has decided to no longer offer subprime mortgages. The subprime business was not a large portion of the business model of Wells Fargo, with the subprimes accounting for less than one percent of all of the company's mortgages.

July 8, 2010
Posted By April Gardner
Staff Editor, CasinoGamblingWeb.com
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