Banks Are Closing Branches At An Astonishing Rate

Banks are closing branches at an astonishing rate. Banks in the United States have shuttered 439 branches in the third quarter alone, the S&P Global data show. That was up from 199 in the prior quarter.

Accoridng to a report by American Banker, this also marked the highest quarterly level of net closings since the first quarter of 2022, when banks turned out the lights on 960 locations. The latest quarterly decline extended a 15-year trend. In 2009, there were nearly 100,000 branches in the U.S.

But this trend isn’t necessarily an indication of anything being wrong. Some analysts say banks are investing more in their online platforms, where…

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