Ohio is now facing massive bank closures this year as Huntington National Bank announces seven locations shuttering soon.
Major banks continue to push customers toward online banking as they close locations across the United States.
According to data from the Federal Deposit Insurance Corporation (FDIC), approximately 8,000 banks were in operation in 2000, but by 2022, this figure was halved.
“Disappointing news for customers of Huntington National Bank in Ohio, with the bank announcing today that seven locations will soon be closing.
The Ohio based bank announced a raft of closures across several states yesterday,” reports Ash Jurberg.
“Huntington regularly reviews our distribution network and makes adjustments and improvements to ensure our mix of branches, ATMs, and online and mobile banking continue to meet our customers’ evolving needs,” the company said in a statement.
The following bank branches are scheduled to close in Ohio soon:
- 11623 Buckeye Rd, Cleveland
- 3516 South Meridian Rd, Youngstown
- 2001 Elm Rd NE, Warren
- 1509 Main St, Genoa
- 608 Raff Rd SW, Canton
- 3447 W. Bagley Rd, Berea
- 2147 East Ave, Akron
TheStreet states, “If the trend of current bank branch closings continues, there may be no bank branches left in 10 years.”
“As banks continue to close, there is a fear that this could lead to banking deserts in some communities.”
Not only is Ohio facing growing bank closures soon, but fresh WARN data shows that Ohio has had more than 6,100 layoffs this year with at least 65 WARN notices from businesses.
In September, we saw several businesses announce layoffs through the WARN act of upcoming job cuts in Ohio this year.
This trend has only grown in October.
Also Read: A US Company Now Declares An Unexpected Bankruptcy
Other Bank News Today
Painful bank layoffs are now quietly surging as thousands of employees are continuously let go according to new reports.
Company filings show that so far in 2023, the top biggest 5 U.S. banks have cut a combined 20,000 positions.
“The largest American banks have been quietly laying off workers all year — and some of the deepest cuts are yet to come,” reports CNBC.
“Banks are cutting costs where they can because things are really uncertain next year,” Chris Marinac, research director at Janney Montgomery Scott.
“They need to find levers to keep earnings from falling further and to free up money for provisions as more loans go bad,” he said.
“By the time we roll into January, you’ll hear a lot of companies talking about this.”
Goldman Sachs has cut the most of its workforce at -5.4% compared to last year.
Wells Fargo has cut -4.7%, Morgan Stanley has cut -2.1%, and Bank of America has cut -1.9% of its workforce.
California continues to remain the #1 state with the most layoffs in the country, both in banking and retail.
In terms of retail, in second place is Colorado followed by Illinois, Washington, New York, Texas, New Jersey, Florida, Michigan, and Massachusetts.
According to the Pittsburgh Post-Gazette, PNC is also laying off more workers before the end of the year, though the amount has not yet been disclosed.
And Ally bank, which is headquartered in Utah, began cutting jobs Monday in an effort that will shrink headcount by less than 5%.
The U.S. bank is now preparing for massive layoffs which could affect more than 500 employees according to Bloomberg.
“After taking steps over the past year to pause hiring and manage staffing expenses through natural attrition, we have made the difficult choice to selectively reduce our workforce,” the company said.
Also Read: Wells Fargo To Now Temporarily Close a Branch Until 2024
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