Massive US Banks Are Now Closing In These States

March 27, 2024

Massive US banks are now closing in these states according to the latest data from the Office of the Comptroller of the Currency.

Wells Fargo has closed 8 branches in the span of a week, while a competing branch opened more locations to fill the gap.

Both Wells Fargo and Chase filed to close 1,500 locations in the new year.

Wells Fargo’s closures between March 10 and 16 were at locations across the company, according to The Daily Mail, including:

3400 South Monroe Street Tallahassee, Florida
444 Gamble Street Tallahassee, Florida
7931 Gunn Highway Tampa, Florida
188 East Capital Street Suite 100 Jackson, Mississippi
704 N. Cannon Boulevard Kannapolis, North Carolina
1500 Westinghouse Boulevard Charlotte, North Carolina
500 North Main Street Mauldin, South Carolina
1889 Brown Boulevard Arlington, Texas

However, as the 8 locations shut their doors, Chase makes a comeback and instead opens eight.

The new Chase Bank locations include one in Colorado, two in Florida, one in Georgia, and one in Illinois.

More include one in Massachusetts, one in South Carolina, and one in Utah.

Chase claimed that it would be opening 500 US locations in the next three years as it remains the only major bank to continue to open branches rather than close.

During March, Wells Fargo wasn’t the only bank to close stores during the week, Bank of America, Key Bank, Citizens and three local banks also shut their doors.

During the week of February 11 through the 17, Wells Fargo, Bank of America, and PNC filed for 21 locations to close, some locations with undecided dates.

According to the Office of the Comptroller of the Currency (OCC), Wells Fargo plans to also shut:

1150 E. Vista Way, Vista, California
388 Whalley Avenue, New Haven, Connecticut
159 Greenwood Avenue, Bethel, Connecticut
14731 Biscayne Boulevard, North Miami, Florida
4285 US 1 Highway South, St. Augustine, Florida
200 South Broadway, Minot, North Dakota
2500 Morris Avenue, Union, New Jersey
12343 Barker Cypress Road, Cypress, Texas

In the span of about a month, the bank has announced 16 closures so far.

The number of physical bank branches has dropped steadily to about 70,000 since 2011 when there were more than 85,000 locations, according to FDIC data, reported by the outlet.

Bank of America also announced planned shutdowns of over 50 locations in 2024.

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Also Read: A US Bank is Now Denying Customers Access to Money

Other Economy News Today

A massive bank is now cutting hundreds of jobs in its investment division, people familiar with the matter are confirming.

Barclays is gearing up to lay off several hundred employees within its investment banking division, part of a long-term strategy to cut costs and boost profitability within the unit, sources familiar with the matter told Bloomberg on Wednesday.

The anticipated cuts are part of the company’s annual performance-based workforce reduction process and will take place in the coming months, according to the sources.

“We regularly review our talent pool to ensure that we can invest in high-performing talent, execute on our strategy, and deliver for our clients,” Barclays said in an emailed statement to Bloomberg.

“However, there are no finalized numbers for this year’s review.”

The bank in January revealed that it cut 5,000 jobs last year from its workforce of 84,000 to “simplify and reshape the business” and to save £1 billion in costs — about 7% of the lender’s annual operating expenses.

Barclays went further last month, laying out a three-year plan to improve performance while cutting £2 billion in costs.

The reorganization will split the bank into five operating divisions: its U.K. retail business, U.K. corporate bank, investment bank, U.S. consumer bank, and its private bank and wealth management.

Simultaneously, Barclays pledged to return £10 billion to its shareholders over the next two years through buybacks and dividends.

The performance-based job cuts come roughly a week after Barclays CEO C.S. Venkatakrishnan said his investment bankers are a step behind their counterparts in the bank’s trading division in their efforts to bolster returns for the company.

“The parts where we need greater [return on equity] efficiency is investment banking fees.

There, we are much more debt capital markets heavy than the U.S. banks are, and that’s where we’ve got to be more efficient,” Venkatakrishnan said at an investor conference, according to Bloomberg.

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Also Read: A Massive US Bank is Now Closing Credit Cards

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