Banking

U.S. Banks Closed 3,000 Branches in 2023: Kiplinger Letter


U.S. Banks continue to shut down branches, in numbers not seen since the initial wave of bank closures in 2008, while allocating funds for new online technology. To help you understand what is going on in the banking and the financial sector, and what we expect to happen in the future, our highly experienced Kiplinger Letter team will keep you abreast of the latest developments and forecasts (Get a free issue of The Kiplinger Letter or subscribe). You’ll get all the latest news first by subscribing, but we will publish many (but not all) of the forecasts a few days afterward online. Here’s the latest…

Banks are closing branches faster than they’re opening new ones. U.S. banks closed over 3,000 branches last year while opening just 1,000. JPMorgan Chase led in branch closures last year, shuttering 144 branches, while opening 133. The trend will likely continue as banks face staunch competition for deposits and younger customers from online banks, fintech firms and Big Tech.





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