A man walks past a Wells Fargo Bank branch on a rainy morning in Washington.
Gary Cameron | Reuters
U.S. banks closed a record number of retail branches in 2021 as customers increasingly turn to digital banking and the industry consolidates.
On net, U.S. banks shuttered 2,927 branches last year, according to S&P Global Market Intelligence data. Banks closed nearly 4,000 branches and opened more than 1,000 branches, the analysis found.
Another record year for bank closures comes after 2020 had set the previous high as the Covid pandemic accelerated digital adoption.
“We anticipate that the downward trend in branches will continue for a number of years … as more of the transaction-orientated…