The recent Wells Fargo restructuring is credit neutral and the related pre-tax restructuring charge of $185 million is expected to be offset by cost savings in 18 months, according to Moody’s Investor Services.

Last week Wells announced the restructuring of its consumer finance division, shutting down its 638 stores and consolidating remaining operations into its community banking network. The decision marks another move in a continued shrinking trend for the traditional, branch-based U.S. consumer finance industry.

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