Three massive banks have now closed major branches in California according to the Office of the Comptroller of the Currency.
Bank closures really began to speed up last year after digital banking proved to have big demand.
While bank branches have been closing nationwide, California has experienced some of the most closures.
These closures are raising concerns over what’s known as ‘bank deserts’, a term used for a lack of physical banking services.
Some communities, often times in lower income areas, are now being led to commute farther distances for their banking needs.
This week alone, three massive banks closed the following branches in California:
- Wells Fargo, West Sacramento, 1601 West Capitol Ave.
- Wells Fargo, Chico, 2485 Notre Dame Blvd.
- PNC Bank. Riverside, 16920 Van Buren Blvd.
- Wells Fargo. Beverly Hills, 315 S Beverley Dr.
- Citibank. San Francisco, 350 Rhode Island St. (Closing Soon)
According to official US Government data, over 220 bank branches closed across the nation in January and February, and California was the state most impacted.
Below is a list of bank branches that have closed in California this year so far:
Bank of America
- Culver City, California – 294 Fox Hills Mall
- Gilroy, California – 8375 Arroyo Circle
- Martinez, California – 1175 Arnold Drive
- Mission Viejo, California – 555 The Shops at Mission Viejo
- Palm Desert, California – 72840 Highway 111
- Rancho Cucamonga, California – 12434 North Main Street
- Sherman Oaks, California – 14006 Riverside Drive
- South Lake Tahoe – California – 2020 Lake Tahoe Boulevard
- Temecula, California – 40750 Winchester Road
Capital One
- Los Angeles, California – 2201 Westwood Boulevard
First Republic Bank
- Corona Del Mar, California – 2800 East Coast Hwy
- Danville, California – 680 Hartz Avenue
- La Jolla, California – 1200 Prospect Street
- Livermore, California – 211 South J Street
- Los Angeles, California – 1888 Century Park East
- Los Angeles, California – 888 South Figueroa Street
- Newport Beach, California – 3991 MacArthur Boulevard
- Palm Desert, California – 73010 El Paseo
- Pleasanton, California – 249 Main Street
- Redwood City, California – 776 El Camino Real
- San Francisco, California – 44 Montgomery Street
- San Jose, California – 1625 The Alameda
- San Lorenzo, California – 18499 Hesperian Boulevard
- San Mateo, California – 1111 South El Camino Real
- San Rafael, California – 1099 4th Street
- Santa Barbara, California – 1200 State Street
- Santa Monica, California – 431 Wilshire Boulevard
- Santa Rosa, California – 640 3rd Street
US Bank
- Long Beach, California – 400 Oceangate
- Ventura, California – 6040 Telegraph Road
Wells Fargo
- Baldwin Hills, California – 3480 South La Brea Avenue
- La Puente, California – 1801 North Hacienda Boulevard
- San Francisco, California – 1335 Webster Street
- Vista, California – 1150 East Vista Way
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Other Banking News Today
A massive bank is now laying off 430 workers in June according to four notices posted Monday with the state’s Department of Labor.
Citi has announced that 430 workers will be laid off on June 29.
The staff cuts encompass 363 employees in Citi’s primary banking unit, 62 in its global markets broker-dealer, four in technology and one in its Citishare unit, according to the Worker Adjustment and Retraining Notifications.
Monday’s cuts follow a wave of 286 New York-based job reductions, set to take effect by early May, that the bank posted in February.
Citi announced last week it had “concluded the major actions” associated with its multi-stage reorganization, which the bank launched in September.
The moves eliminated five layers of leadership and consolidated roles with overlapping responsibilities, reports Banking Dive.
Citi CEO Jane Fraser said in January the bank had cut 1,500 managerial roles.
The bank is aiming to trim 20,000 roles from its headcount by 2026.
The reorganization is meant to save the bank $1 billion in annual costs.
Among the hardest-hit units in Citi’s most recent cuts is technology, media and telecom, people familiar with the matter told Bloomberg.
Yaseen Choudhury and Abhi Singhal, both managing directors on the financial technology team, have left the bank, sources told the wire service.
Equity capital markets, debt capital markets, financial sponsor coverage and clean technology banking also saw cuts, the sources told Bloomberg.
Juan Carlos George, the managing director leading Citi’s equity capital markets efforts for Latin America, is among those who have left the bank, the wire service reported.
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Also Read: A US Bank is Now Denying Customers Access to Money
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