America’s biggest banks are closing hundreds of branches
Tina Wadhwa
BusinessInsider.com
10/23/2016
America’s biggest banks are closing hundreds of branches.
Bank of America, Citigroup and JPMorgan shut 389 branches since the third quarter of last year.
Bank of America, which had over 6,000 branches before the financial crisis has now shrank to 4,629, according to third quarter accounts. The bank has cut 112 financial centers from last year.
Paul Donofrio, CFO of Bank of America, said the closing of branches was part of a “shift to self-served digital channels, mobile, online, and ATM” in a 3Q earnings call transcript.
According to the 3Q earnings report, the bank has 21 million mobile banking active users and 18% of deposit transactions are completed through mobile devices. “That’s better for customers, it’s also better for our shareholders,” said Donofrio. “It’s one-tenth the cost of walking into a branch.”
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