Why did 3,000 bank branches close last year?

Last year, 3,000 U.S. bank branches closed as lenders looked for ways to fight competition from fintech and digital banks and keep pace with technology. U.S. Banks continue to shut down branches, in numbers not seen since the initial wave of bank closures in 2008, while allocating funds for new online technology.

How many banks are closed in the United States?

Note that the number of bank closures varies widely by area. Between 2017 and 2021, more than 7,000 branches were closed in the U.S., which represents 9% of all locations. One-third of these closures have been in areas with large minority populations. Be a smarter, better informed investor.

Are banks closing more branches than opening new ones?

Here’s the latest… Banks are closing branches faster than they’re opening new ones. U.S. banks closed over 3,000 branches last year while opening just 1,000. JPMorgan Chase led in branch closures last year, shuttering 144 branches, while opening 133.

How many bank branches has Wells Fargo closed?

Over the past 12 months, Wells Fargo has closed 258 branches, JPMorgan Chase 165 and Bank of America nearly 100, according to S&P Global Market Intelligence. In all, the number of bank branches in the U.S. has shrunk by more than one-fifth to just 78,000 today from nearly 100,000 in 2009.