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The "bank branch bloodbath" refers to the ongoing trend of US banks closing physical locations, driven by changing consumer banking habits and the desire to eliminate costly brick-and-mortar operations. In a single week, Wells Fargo filed to close 15 branches and Bank of America closed seven, contributing to a broader trend. According to S&P data, a total of 1,144 national and regional banks were closed in the first half of the year.
How Many Bank Branches Are Wells Fargo and Bank of America Closing?
Wells Fargo is closing 15 branches and Bank of America is closing seven branches in a week, totaling 24 closures. US banks are in an ongoing scramble to eliminate costly brick and mortar banking locations. Wells Fargo's closures include three in Florida and two each in California, Georgia, and New Jersey. Bank of America's seven closures include two in Fullerton, California, and others in Georgia, Massachusetts, Missouri, New Jersey, and New York. These banks claim these closures are due to changing consumer banking habits, with Bank of America redesigning branches to place tellers in the back and create space for private meetings. In the first half of the year, a total of 1,144 national and regional banks were closed, according to data from S&P.
Wells Fargo plans to close 15 branches total. These include three in Florida. Additionally, they will be closing two each in California, Georgia and New Jersey.
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.
Read More About How The Bank Branch Bloodbath Continues On MFI-Miami.
