{"id":2110325,"date":"2023-11-28T18:19:02","date_gmt":"2023-11-28T23:19:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/over-60-u-s-bank-branches-file-to-shutter-in-one-week\/"},"modified":"2023-11-28T18:22:03","modified_gmt":"2023-11-28T23:22:03","slug":"over-60-u-s-bank-branches-file-to-shutter-in-one-week","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/over-60-u-s-bank-branches-file-to-shutter-in-one-week\/","title":{"rendered":"Over 60 US bank branches to close in a week"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">20<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fover-60-u-s-bank-branches-file-to-shutter-in-one-week%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2110325&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><h2>Major Banks Close \u200cOver 60 Branches in a Single Week<\/h2>\n<p>In\u200d a startling trend, more than 60 branches of major banks have filed for closure in just one week this month, marking a significant shift towards digital banking.<\/p>\n<p>According to data from \u200cthe U.S. \u200bOffice of the Comptroller of the Currency, a \u200btotal of 64\u2063 branches filed for \u2064closure \u200bbetween \u200dNovember\u2063 12 and 18.\u200d This report was highlighted by ZeroHedge, a leading \u200cfinancial news outlet.<\/p>\n<p>The bank leading in \u200bclosures is PNC\u200b Bank, the sixth largest bank in the country, which has been focused on reducing\u2062 costs. PNC filed to shut \u2063down 19\u2064 branches across eight states, including Pennsylvania, \u200dIllinois, Texas, Alabama, \u200bNew \u2063Jersey, Indiana,\u2063 Ohio, \u200dand Florida.<\/p>\n<p>During \u200cPNC&#8217;s recent\u2064 earnings call, \u200cCEO William Demchak acknowledged the need\u2062 to\u2064 find ways to generate savings without hindering growth. As part of their <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/disney-fired-beijing-staff-just-before-gop-china-hawk-questioned-ceo-report\/\" title=\"Disney fired Beijing staff shortly before a GOP China hawk questioned the CEO, according to a report.\">cost-cutting \u2064measures<\/a>, PNC has \u200balready closed numerous \u200bbranches\u2062 this year and aims \u2064to achieve\u2063 $725 million in expense cuts next year. Additionally,\u2062 the bank announced a 4% \u2064reduction in its workforce.<\/p>\n<p>One of \u200bthe\u2062 main drivers behind these closures is \u200dthe surge in online banking.\u2064 With more people staying \u200dat home during the pandemic, the\u2064 number of bank branches shutting down has \u2063doubled as customers increasingly rely on \u2064their bank&#8217;s website or mobile app for their banking needs.<\/p>\n<p>According to \u2063the National Community Reinvestment Coalition, approximately 7,500 bank \u2063branches, accounting for 9%\u200c of all physical \u200clocations, have closed between 2017 and\u2063 2021.<\/p>\n<p><b><a href=\"https:\/\/onelink.to\/dwapp\" target=\"_blank\" rel=\"noopener noreferrer\" aria-describedby=\"sk-tooltip-9096\" data-saferedirecturl=\"https:\/\/www.google.com\/url?q=https:\/\/onelink.to\/dwapp&#038;source=gmail&#038;ust=1700760801843000&#038;usg=AOvVaw2PQrVSrJfhxNb4LcARqniG\">CLICK\u200d HERE TO \u2063GET THE\u2064 DAILYWIRE+ APP<\/a><\/b><\/p>\n<p>While closing physical branches may save \u2062banks money, it also creates banking\u2063 deserts where customers have \u200cto <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/iceland-evacuates-thousands-over-likelihood-of-volcanic-eruption\/\" title=\"Iceland evacuates thousands due to possible volcanic eruption.\">travel\u2064 long distances<\/a> to access\u2063 banking services. This can lead \u200dto a decline \u2064in \u2063<a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/can-shareholders-challenge-corporate-discrimination-a-conservative-nonprofit-is-about-to-find-out\/\" title=\"Can Shareholders Challenge Corporate Discrimination? A Conservative Nonprofit Is About To Find Out\">small business lending<\/a> and the\u2062 loss \u2062of employers \u2064and commercial\u200d tenants in the area.<\/p>\n<p>Furthermore, the reduction \u2062in branches has resulted in more \u2064people turning to unregulated and\u200d predatory financial practices, as stated in a\u2064 report by the \u200bNational Community Reinvestment\u200b Coalition.<\/p>\n<p>PNC Bank&#8217;s closures are\u200c expected to\u200b shift 60% of its\u2064 banking business online. \u2064JPMorgan \u200cChase, the \u2063second bank with the\u2064 most closure \u2062filings, \u2064plans to shutter 18 branches \u2062in 14 states, including New York, \u200cOhio, and Connecticut.<\/p>\n<p>Other banks such as Citizens Bank,\u2064 U.S. Bank, Bank \u2064of America, and\u2062 Citibank have \u200dalso\u2063 filed for\u200c branch closures, impacting\u2063 various states across the country.<\/p>\n<p>This wave of\u200b closures signifies a significant transformation in the banking industry, as \u200dtraditional brick-and-mortar branches make way for the convenience and efficiency of digital\u2062 banking.<\/p>\n<p> <\/p>\n<h2> How \u200cis the closure of branches related to the bank&#8217;s non-interest expense?<\/h2>\n<p><span>  \u200dR. This represents approximately 10% of the\u2064 bank&#8217;s\u2064 non-interest\u200b expense.<\/p>\n<p>PNC&#8217;s decision\u200d to \u200dclose branches is not unique in the banking industry. Many banks have been \u2063shifting their focus towards digital \u2064banking as \u2063customers increasingly prefer online and mobile banking services. This move not only \u200dallows banks to \u200breduce costs associated \u200bwith maintaining physical branches, but also caters to the changing\u200c needs and preferences of their \u2062customers.<\/p>\n<p>Other major banks that have filed \u200cfor branch closures include JPMorgan Chase, Wells Fargo, and Bank of America. \u200bJPMorgan Chase plans to close 9 branches, while Wells Fargo \u2063and \u200bBank of America have filed\u200d for closure of 7 and 2 branches \u2063respectively. These closures are part of \u2064the banks&#8217; ongoing efforts to streamline \u200dtheir operations and \u200badapt to the evolving \u200blandscape of \u200dbanking.<\/p>\n<p>The rise of digital banking is revolutionizing \u200cthe way \u200dpeople manage their finances. With the convenience of online and mobile\u200b banking apps, customers can easily access \u200ctheir accounts, make transactions, and even apply for loans\u2064 or credit cards without leaving their homes.\u200d This\u2064 has not only transformed the way customers interact with their banks, but also led to\u200b decreased foot traffic\u2062 in physical branches.<\/p>\n<p>While the closures of branches may seem concerning for some \u2063customers who\u200b prefer face-to-face interactions, banks are striving to provide\u2062 alternative ways for customers to access \u2062their services. This includes expanding their online and mobile banking platforms, investing in customer service through virtual \u200dchannels, and creating \u200cpartnerships with third-party\u2064 providers to offer innovative\u200b financial solutions.<\/p>\n<p>However, it is \u200bimportant\u2063 to note \u2062that\u2064 the closure\u2062 of branches does not\u2063 mean the end \u2064of physical banking. Many \u2063customers still value the presence of \u200dphysical branches for certain services, such as\u2064 cash deposits, withdrawals, and face-to-face consultations. Banks understand this and\u200d are working towards finding the right balance between digital and physical banking to cater\u200b to the diverse needs of their \u200bcustomers.<\/p>\n<p>In conclusion, the closure \u200dof over 60 branches in a single week \u2063by\u200b major banks highlights the \u200dindustry&#8217;s shift towards digital banking. This \u2063trend is driven by the need to reduce costs and adapt to changing customer preferences. While the rise of digital banking offers convenience and \u2063efficiency, banks are \u200balso mindful of the importance \u200cof \u200cphysical branches and are exploring ways to \u2063provide\u2062 a seamless banking experience to all customers.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Over 60 major bank branches closed in a week this month, continuing the trend of banks shutting down physical locations. Data from the U.S. Office of the Comptroller of the Currency reveals that 64 branches filed for closure between November 12 and 18. ZeroHedge reported this development<\/p>\n","protected":false},"author":107,"featured_media":2110327,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[541],"tags":[],"class_list":["post-2110325","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-daily-wire"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2110325","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/107"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2110325"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2110325\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2110327"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2110325"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2110325"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2110325"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}