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Banks are closing record number of branches in 2021, led by Wells Fargo

 


A man walks past a Wells Fargo Bank branch on a rainy morning in Washington.

Gary Cameron | Reuters

U.S. banks closed a record number of retail branches in 2021 as customers increasingly turn to digital banking and the industry consolidates.

On the net, US banks closed 2,927 branches last year, according to data from S&P Global Market Intelligence. Banks closed nearly 4,000 branches and opened more than 1,000 branches, according to the analysis.

Another record year for bank closures comes after 2020 hit the previous high as the Covid pandemic accelerated digital adoption.

“We expect the downward trend in branches to continue for several years … as more transaction-oriented aspects of banking are done digitally,” Gerard Cassidy, head of bank equity strategy, told CNBC. US at RBC Capital Markets. .

The branch closures also come as banks consolidate, with M&A deals in the sector topping $77 billion in 2021, the highest level since 2006, according to S&P Global.

“As consolidation continues and there are overlapping branches when agreements are approved, there is no need for two branches on Main Street,” Cassidy said.

Wells Fargo was the closest major branch in 2021, closing 267 net outlets last year, according to S&P Global Market Intelligence.

While JPMorgan Chase was the sixth-largest net branch to close last year, the company opened the most branches in 2021 with 169 new locations as it expands into new markets.

Sources

1/ https://Google.com/

2/ https://www.cnbc.com/2022/01/21/banks-close-record-number-of-branches-in-2021-led-by-wells-fargo.html

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