Citizens Bank has announced upcoming layoffs across multiple locations in Philadelphia, reflecting a troubling trend in the region’s banking sector.
The closures will affect branches at the following addresses:
- 2497 Aramingo Avenue, Suite 2, Philadelphia, PA 19125 (effective January 15, 2025)
- 8345 Ridge Avenue, Philadelphia, PA 19128 (effective January 22, 2025)
- 2101-41 Cottman Avenue, Philadelphia, PA 19149 (effective February 12, 2025)
While the exact number of affected employees remains to be determined, this move is part of a larger pattern of downsizing within the banking industry in Pennsylvania and across the United States.
According to recent statistics from the Federal Deposit Insurance Corporation (FDIC), the number of bank branches in the U.S. has declined significantly over the last decade.
In 2020 alone, nearly 3,000 bank branches closed, marking one of the highest annual totals in recent history.
This trend continued into 2023, with data indicating that over 1,000 additional branches were shuttered in the first half of the year.
The closures at Citizens Bank are emblematic of the challenges facing traditional banking institutions as they adapt to shifts in consumer behavior.
A 2022 report found that over 70% of Americans now prefer online banking services, leading to a dramatic decrease in foot traffic at physical branches.
As a result, banks are forced to reconsider their operational strategies, often resulting in branch closings and workforce reductions.
The impact of these closures will likely resonate throughout the community, affecting not only employees but also customers who rely on these local branches for their banking needs.
Many customers in Philadelphia, particularly in underserved areas, may find it increasingly difficult to access banking services, which could exacerbate financial disparities in the region.
As Citizens Bank and other financial institutions navigate this evolving landscape, the trend of branch closures raises important questions about the future of banking in Pennsylvania and the broader implications for customer service and community engagement.
Read Daily Market News for more U.S Bank News and updates like this.
About The Author
Leave your thoughts below.
Read Daily Market News – https://franknez.com/ for more news and updates like this.