Major Banks Close 539 Branches in Six Months
In the first half of 2024, U.S. banks closed 539 branches, with Bank of America, U.S. Bank, Wells Fargo, Chase, and TD Bank among the major contributors. This trend reflects a shift towards online banking, with 78% of Americans preferring digital services. The closures, driven by cost-saving measures and changing consumer preferences, are expected to continue, potentially surpassing 1,000 by year-end. California, New York, and Pennsylvania were the most affected states.