Unexpected Wave of Bank Branch Closures Now Hit The US

May 15, 2024

Updated on May 16, 2024

An unexpected wave of bank branch closures now hit the US as three major institutions file notices with the OCC.

Banks across the United States are permanently closing their brick-and-mortar locations, with America’s coast getting hit the worse; one bank announced the closure of 20 branches.

Most major banks, including TD Bank, Wells Fargo, and more, appear to have been impacted.

Some of the major closures come from TD Bank and Wells Fargo, which are shuttering 28 locations according to this week’s bulletin from the Office of the Comptroller of the Currency (OCC).

TD Bank alone is closing a total of 20 locations.

Most of the branches that are shuttering are located in the northeast area of the country.

These states include New York, Vermont, Philadelphia, Maine, and more.

Two locations are based in South Carolina.

In the case of Wells Fargo, the bank is closing eight locations.

These include Florida, California, Georgia, Nevada, North Carolina, and more.

Other major banks like Bank of America, Citibank, Liberty Bank, and Capital One are also closing branches, based in states like California, New York, Michigan, and more.

“Bank closures create a stressful environment for most people, who rely on their banks for financial stability,” reports The US Sun.

“While most can complete their tasks digitally, a large percentage of people prefer to have a physical location where they can go solve their issues.”

Earlier this year, Bank of America announced it was planning on closing 50 locations.

These shutdowns are expected to occur within the year.

In 2023, the trend of bank closures appears to have slowed down.

Over the past year, 1,409 bank branches closed, a step up when compared to the numbers from 2022 and 2021.

These came in at 1,854 and 2,928 respectively, according to data collected by S&P Global Market Intelligence.

The data shows that the banks’ leading closure trends are Wells Fargo and U.S. Bancorp.

So far, seven new JP Morgan Chase locations have been approved to open this year.

These are located in Utah, Florida, Colorado, and more.

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Also Read: A Massive Grocery Chain With 400 Stores Is Now Closing

Other Economy News Today

A massive shoe retailer now announces a new wave of layoffs to hit headquarters this summer, affecting over 700 employees.

Nike has announced its ‘second phase’ of mass layoffs, effective June 28, according to a Worker Adjustment and Retraining Notification (WARN) filing.

A total of 740 employees will be impacted in the retailer’s home state.

The layoffs are part of the 2% workforce reduction Nike announced in February, which is taking place across two phases, the company confirmed via email.

Nike said job titles and the number of employees in each category would be provided at a later date, once the company has determined them.

Bumping rights are not available for the impacted employees, reports Retail Dive.

“Nike’s always at our best when we’re on the offense. The actions that we’re taking put us in the position to right-size our organization to get after our biggest growth opportunities as interest in sport, health and wellness have never been stronger,” Nike said in a statement.

“While these changes will impact approximately 2% of our total workforce, we are grateful for the contributions made by all Nike teammates.”

The layoffs are tied to a cost-savings plan Nike unveiled in December, which is aimed at generating up to $2 billion in cumulative savings over three years.

Based on the company’s last annual report, the layoffs to 2% of its total workforce will impact more than 1,600 people.

Savings from the plan are set to be reinvested in driving growth, innovation and profitability.

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Also Read: A Massive Grocery Brand Now Files For Chapter 11 Bankruptcy

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