The Endgame Is Being Played Out: World ‘Plunges Into Currency War’, Economy Underperforming Again, US Banks Shaken By Biggest Deposit Withdrawals Since 9/11… The Collapse Will Begin!
January 25th, 2013
Warning to all investors. Reread Buffett’s warning: “There will be another bubble leading to a huge recession … I guarantee it.” But worse, this time, global macroeconomic trends threaten no-growth recovery, a long bear market, and long-term austerity. Start planning now.
CNNMoney: Banks Are Shutting Down More Branches Than They Open
America’s banks closed more branches than they opened last year, the result of government regulation, consolidation and the digital revolution.
Some of the most aggressive banks in shuttering branches were also some of the largest. They included Bank of America, Capital One, Wells Fargo, PNC, Citi and BB&T.
“All the costs are regulation are pressing on banks as a whole, and with a low interest rate environment it’s harder and harder to make money,” Nancy Bush, contributing editor at SNL Financial, the research firm that produced the closure report, told CNNMoney.
… BofA closed the most branches, 256, while opening only 12 last year, according to CNNMoney. Wells Fargo closed 80 while opening 19, PNC shut 82 while opening 32 and M&T closed 51 while opening 3.
“We will never have a branch-free banking industry, it’s just that they’re going to be more concentrated and less present in non-urban markets,” Bush predicted.