Investing

Banks close record number of branches in 2021, led by Wells Fargo

0


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…



Source cnbc.com

0 0 votes
Article Rating

Goldman partners mint $15 million pay packages as boom times return

Previous article

Buffett’s MidAmerican Energy plans $3.9 billion wind, solar project

Next article

You may also like

Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments

More in Investing