Article

2023-10-15 Economy

Major Banks Close Over 3,000 Branches Nationwide, With Recent 50+ Closures from Bank of America In Just One Week

[Gateway] Major financial institutions seem to be accelerating a trend that many conservatives find alarming: the closure of physical bank branches.

According to a bulletin published by the Office of the Comptroller of the Currency (OCC) on Friday, Bank of America led the way by closing 21 branches in just the first week of October.

Wells Fargo was not far behind with 15 closures, while US Bank and Chase reported closing nine and three branches, respectively, according to the Daily Mail.

In total, some 54 locations had either closed or were scheduled to close between October 1 and October 7. Of the overall closures, three were in Louisville in Kentucky. Eight of the 21 Bank of America closures were in California.

On Friday, major US banks including Wells Fargo and JPMorgan Chase reported their third quarter earnings. Increased revenue thanks to higher interest rates saw both banks’ revenues increase.

This months’ closures come after an exclusive poll by DailyMail.com revealed that 51 percent of consumers said they were very or somewhat concerned about the declining number of bank branches. Only 18 percent said they were not at all concerned.

The survey also found that brick-and-mortar services are less accessible to black Americans. While 14 percent of black Americans said they did not have a local branch, that was only the case for 8 percent of white Americans.

Posted by Besoeker 2023-10-15 01:12|| || Front Page|| [11145 views ] Top

#1 This has been going on at B of A since before I retired nine years ago. With fewer and fewer people using branches, they have become money losers. And if a branch can't earn a profit, well...

It is not 1950 anymore, and banks are just reacting to market signals.

Posted by Tom 2023-10-15 13:13|| 2023-10-15 13:13|| Front Page Top

#2 Well, you can't have bank closures if they're already closed. Less places for people to like up when the failures occur and all that.

Posted by ed in texas 2023-10-15 13:45|| 2023-10-15 13:45|| Front Page Top

#3 Branch banks are a luxury build for most banks and a necessity for many banks because their parent bank is deep downtown where there is no convenient parking. Basically a lot of banks need to cut salary overhead ...so SNIP!

Posted by magpie 2023-10-15 19:06|| 2023-10-15 19:06|| Front Page Top

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