Bank of America is now closing 20 branches following Wells Fargo and Chase as online banking forces the bank giants to pivot.
“A STRING of major US banks have announced dozens of branch closures across the country in the last few days.
Bank of America is set to close 21 in-person locations around the US in the coming months,” reports The-Sun.
“The financial chain announced 20 of the closures on October 5th, according to a report from the Office of the Comptroller of the Currency (OCC).
California is the state that has been worst affected by this series of bank closures, with nine locations set to shut.”
A spokesperson for the Bank of America said: “The pandemic significantly accelerated banking behaviors toward digital self-service platforms instead of traditional foot-traffic banking.
“For example, 90percent of our clients now interact with us digitally – including nine out of every 10 checks are deposited outside the walls of a branch via mobile deposit and at ATMs.”
Connecticut and New York will lose three locations each.
Locations in Cos Cob, Norwalk, and Hartford will disappear from Connecticut while branches in West Hempstead, Port Washington, and Baldwin will depart New York State.
Pennsylvania will lose a branch in Philadelphia and Morrisville.
The south will also miss out on more physical locations as Florida will wave farewell to its branch on St. Pete Beach and Texas will no longer have one of its Austin spots.
The banking giant will also lose out on a location in Redmond, Oregon, and Spotswood, New Jersey.
The Reedly branch will close after the building’s lease expires in August 2024, according to The Business Journal.
Also Read: Bank of America is Freezing Accounts in New Scandal
Other Banking News Today
A US bank is now laying off a whopping 2.3K employees this year as branches nationwide continue to shutter.
The PNC Financial Services Group, Inc. is an American bank holding company and financial services corporation based in Pittsburgh, Pennsylvania.
Its banking subsidiary, PNC Bank, operates in 27 states and the District of Columbia, with 2,629 branches and 9,523 ATMs.
“BizJournals estimates the mid-year number alone for national PNC branch closures to be 173.
Now comes word that the Pittsburgh-based bank is set to layoff off over 2400 employees throughout the country.
As the state of Pennsylvania operates a large percentage of PNC banks, layoffs are widely expected to be prevalent therein,” reports Joel Eisenberg.
“According to an October 13th report from BankingDive, PNC Bank’s upcoming cuts are financially strategic in nature, and were reported by Bloomberg as a 4% headcount reduction that had already begun.”
That means the Pittsburgh-based lender could cut more than 2,400 employees, based on headcount figures from December, which put the bank’s workforce at 61,545, says Bloomberg.
PNC expects to take a one-time $150 million charge in the fourth quarter, related to the cuts, which started Oct. 6, according to Bloomberg.
The bank expects to save $325 million in personnel expenses in 2024, it said Friday.
29 PNC Bank branches nationally permanently closed on August 19th alone.
Over 1,100 regional and major bank branches permanently closed this year, according to Crowdfund Insider.
Aside from banks shuttering locations, many popular US banks have also begun to freeze customer accounts.
A pattern too many say have raised concerns over the integrity of the banking system.
Banks such as Bank of America have already begun to list closures for 2024.
Also Read: Customers Are Now Unable To Access Money From A Bank
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