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IPFS News Link • Economy - Economics USA

Banks Are Closing Thousands Of Branches And Retailers Are Shutting Down...

•, By Michael

If the U.S. economy really is in "good shape", then why are so many prominent businesses rushing to permanently shut down locations that were once profitable?  As you will see below, U.S. banks are closing thousands of branches and U.S. retailers are closing thousands of stores.  If a new golden age of prosperity is dead ahead, that wouldn't make any sense at all.  Of course the truth is that most Americans are really struggling in our current economic environment, and conditions are going to get even worse in 2024.

Bank executives can see what is happening, and so they are feverishly trimming costs.

During the first 10 months of this year, banks in the United States closed a total of 2,118 branches

U.S. banks closed 2,118 branch locations between January and the end of October, according to data from S&P Global Market Intelligence.

Sadly, branches continue to get shut down at a staggering rate.

For example, it is being reported that Bank of America has decided to permanently shut down "nearly two dozen Bay Area branches or ATMs"

Bank of America has shuttered or plans to shutter nearly two dozen Bay Area branches or ATMs, according to recent filings.

Banks are legally required to report closures to the Office of the Comptroller of the Currency at least 90 days before their scheduled shuttering, so customers will know if they'll be impacted.

Another way that banks are cutting costs is by laying off workers.

Anarchapulco June 2024