Several major banks in the United States have recently announced plans to close a significant number of branches while also revealing the opening of new locations.
According to a report by the Daily Mail, between February 11 and 17, a total of 31 branches are set to be closed, with over half of them belonging to Wells Fargo or PNC. These closures will affect various states including California, Texas, North Dakota, Indiana, Michigan, Pennsylvania, Alabama, New Jersey, Connecticut, and Florida.
The breakdown of branch closures includes Wells Fargo and PNC each shuttering eight locations, while Bank of America will close five, Santander Bank four, and JPMorgan Chase, Citizens Bank, KeyBank, and Legacy one branch each. Interestingly,
JPMorgan Chase is the only bank among those mentioned that will be opening more branches than it is closing, with plans to introduce five new locations.
While the trend in the banking industry has been to reduce physical branches due to the increasing shift towards online banking, JPMorgan Chase is taking a different approach. The bank has announced intentions to open an additional 500 branches across the United States in the next three years. Some of these new branches, such as those in New York City's Columbus Circle and San Francisco's Pine Street, are designed to cater to a more exclusive clientele, featuring amenities like "living rooms, private meeting spaces and board rooms, and a signature library."
According to the Daily Mail, data shows that in 2023, banks sought to close 1,566 branches while only planning to open 472 new branches.
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