Bank Branch Bloodbath Continues As Wells Fargo Closes 15 Branches And BofA Closes Seven In A Week
The OCC reports that Bank of America closed an additional seven branches during the same week.
Wells Fargo has the second largest number of physical bank branches in the US. Ten years ago, the bank had 6,000 branches. However, as of July, the bank had shrunk by 4,500 branches.
Bank of America has also been cutting its branch count.
Ten years ago, Bank of America had 5,400 branches compared to around 3,800 this year.
The banks claim this is because banking habits of consumers are changing.
Bank of America has redesigned their branches. The design places tellers in back of the branch. The new Bank of America design makes space for customers to meet with bank employees privately nearer to the entrance.
Of the seven branches Bank of America indicated it would close, two were in Fullerton, California. Bank of America is also closing branches in Georgia and Massachusetts. In addition, Bank of America is also closing branches in Missouri, New Jersey and New York.
Of the seven branches Bank of America indicated it would close, two were in Fullerton, California. BofA is scheduled to close branches in Georgia and Massachusetts. The bank will also be closing branches in Missouri, New Jersey and New York.
In the first half the year, a total of 1,144 national and regional banks were closed, according to data from S&P.
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