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America's Biggest Banks Are Closing Hundreds Of Branches

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Meandering

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Article:https://finance.yahoo.com/news/americas-biggest-banks-closing-hundreds-124333553.html

America's biggest banks are closing hundreds of branches.

Bank of America, Citigroup and JPMorgan shut 389 branches since the third quarter of last year.

Bank of America, which had over 6,000 branches before the financial crisis has now shrank to 4,629, according to third quarter accounts. The bank has cut 112 financial centers from last year.

Earlier this year, Citi Global Perspectives and Solutions (GPS) produced a report that found that banks are quickly approaching their "automation tipping point," and they could soon reduce headcount by as much as 30%.

This does not bode well for extending financial services to undeserved or "poor" communities.

The "gap" widens.

.
 

Evincere

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Florida
I don't do online banking just to spite those ridiculously overpriced CEOs. :p And for every teller who asks me why I don't (consider) doing online banking, I say, I did. Then ask, "Do you value your job"?

I am bombarded with weekly solicitations from my bank hyping their fabulous phone app and glorious benefits of online banking and how convenient it will be for me to be able to access my account anytime anywhere, no need to bank in person. Banks don't do anything that isn't convenient, designed to be more expeditious and more profitable for THEM. I surmise the bean counters keep track of store traffic and teller transactions and decide to shut branches down based on those stats. Though more like a fly on a Rino I will continue to annoy them by banking in person.
 

Meandering

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Real Estate Agent or Broker
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how convenient it will be for hackers to be able to access my account anytime anywhere, no need to rob you in person.

Fixed it for ya.

:peace:
 

jay trotta

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Connecticut
Everyone in my family hates that I actually use "Checks" to pay Bills, that I will take time out of my day and go to a Bank and do business, so I not only agree, but will not change for many more years. Absolutely No On Line Banking is in my future.
 

Randolph Kinney

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North Carolina
Banking is not the only "retail" job being threaten with automation. Self check out is wide spread with Walmart, Home Depot, Albertson, etc. all adopting it. The model is Amazon.

As labor becomes more expense, automation makes financial sense.
 

Evincere

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Certified Residential Appraiser
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Florida
As labor becomes more expense, automation makes financial sense.

For who? Not me. Not for people who have jobs at those places. It makes sense for stock holders perhaps. I don't see discounts as a result of automation in store front retails. If anything, prices are in sync with all other goods. If I am going to contribute to the economy, it's going to be towards keeping a person employed and not in subsidizing more automation.

Unemployment is expensive.
 

Randolph Kinney

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Europe has had chronic unemployment for decades and has automated out of necessity because of employment cost. The U.S. is becoming Europe. Get use to it.
 

Meandering

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The story line is that those store workers need to go to college and get STEM degrees, then and only then can they join the new debt economy. Until then, they will be eliminated from the economy and the counting when they become displaced more than 26 weeks. They will conform and get a student loan, or perish.

.
 

Evincere

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Florida
[QUOTE="Randolph Kinney, post: 2719500, member: 82364" The U.S. is becoming Europe. Get use to it.[/QUOTE]

Nope. I can be ornery and stubborn. :) I do my little part where I can. If I shop where there are self checkouts, I use the manned cashiers.
 

Randolph Kinney

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Apr 7, 2005
Professional Status
Retired Appraiser
State
North Carolina
I tend to be pragmatic in my view of how the world works. We, as individuals, have no power except how we act. Even if a large number of people act in certain ways does not change how the world works. The interaction is the same. If you decide that you can live without banking services, you can join the underground economy, for example. If you decide that you want to interact with people in banking, you can transfer your accounts to a local credit union or bank that provides humans as the point of contact without the convenience of automation. They may charge for that. In many cases the vast majority will not change. Life goes goes on.
 
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