Major US banks have closed hundreds of branches - 24 October 2016 - free no deposit forex bonus
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Major US banks have closed hundreds of branches

 

Major US banks have closed hundreds of branches

 The largest banks of America intend to close hundreds of branches. Since the third quarter of last year, Bank of America, Citigroup and JPMorgan have closed 389 branches.

 


 

The largest banks of America intend to close hundreds of branches. Since the third quarter of last year, Bank of America, Citigroup and JPMorgan have closed 389 branches. 


Bank of America, who owned more than 6,000 branches by the financial crisis has reduced their number to 4629 in the third quarter. Bank closed 112 financial centers since last year. 


Paul Donofrio, CFO of Bank of America, said that the closure of the branches have been part of the plan, "the transition to self-service digital channels, mobile banking, online banking and ATMs." 


According to the income statement 3rd quarter, the Bank's customers have 21 million active users of mobile banking and 18% deposit transactions were completed via mobile devices. "It is much better for the customer, as well as for our shareholders," said Mr. Donofrio. 


Bank of America said in June it planned to cut more than 8,000 jobs of its banking division. According to the bank manager Song Nguyen, who was speaking at a conference in June, it is part of a wider program to reduce costs and reallocate resources to meet the bank's customer habits, which change quite often. 


Bank of America is not only going to restructure their affiliates. When the bank Citigroup announced that its profit in the third quarter before last Friday, 14 October, he also said that its subsidiary decreased by 7% in North America compared to the third quarter of last year and was closed 116 banks around the world. 

The bank JPMorgan also reduced the number of retail branches. During the quarter, the number of branches decreased by 161 compared with the third quarter last year. In the third quarter of 2016 the number of branches totaled 5310 compared to 5471 in the same quarter last year. 


The main retail bank Wells Fargo in its history did not cut the branches in such an amount as its competitors, and did not announce any major closures units in the world, even after the scandal with the fraudulent machinations with customer accounts. However, the report before last Friday showed that the use of credit cards, customer loyalty and interaction between industry banks fell sharply in the third quarter.

 

 

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