JPMorgan Chase, America’s largest bank, is set to close 159 branches across the country by the end of 2023, impacting customers and reflecting a wider trend of bank closures in the U.S.
Other major banks like Bank of America, Wells Fargo, and Citibank are also reporting numerous branch closures.
The closures are driven by a shift towards digital banking and a focus on wealth management. (Trending: Greta Thunberg Caught on Video Going Full Anti-Semite)
A spokesperson for Wells Fargo claimed that their customers are utilizing their, “wide range of digital capabilities for many of their banking needs,” as a contributing reason to the closing of physical branches.
“We continually evaluate our branch network in light of changing customer needs, increased usage of digital banking and market factors,” added the spokesperson.
This trend has led to concerns about the impact on customers and the broader banking industry.
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