Banks Set Record for U.S. Branch Closures as Pandemic Took Toll [Business News Network (BNN) (Canada)]
S&P Global Inc. (SPGI)
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Source: Business News Network
The tally includes the opening of more than 1,000 new locations and the shuttering of almost 4,000 existing branches, according to data from S&P Global Market Intelligence published Thursday. Net closures were up 38% from the previous record of 2,126 in 2020. The shutdowns came in a two-year period when more and more customers switched to doing their banking online or through apps during the coronavirus pandemic. And competition from financial-technology firms and Wall Street giants, along with low interest rates that hurt profits, spurred regional banks to grow through mergers, leading to cutbacks in their branch locations. The aggregate value of bank takeovers exceeded $77 billion last year, the highest level since 2006, according to S&P Global. “Banks have accelerated plans to consolidate their branch footprints as the Covid-19 pandemic encouraged consumer adoption of mobile and digital channels,” S&P Global's Zach Fox and Umer Khan wrote in the report. “Further, banks have fa
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