Why your bank may be closing down its doors - COSTSWill American Banks Close Thousands of Branches. PMorgan Chase & Co. (NYSE: JPM) will cut roughly 300 branches over the next two years. Some reasons for its decision extend to all banks that support large numbers of locations. Supporting customers via physical locations is a dying business. The J.P. Morgan decision is just the beginning.
Several banks have thousands of branches. Among the largest are America’s national banks: Wells Fargo & Co. (NYSE: WFC), Bank of America Corp. (NYSE: BAC) and Citigroup Inc. (NYSE: C). Among less well-known banks, U.S. Bancorp (NYSE: USB) and PNC Financial Services Group Inc. (NYSE: PNC) have about 3,000 locations each.
Read more: Will American Banks Close Thousands of Branches? - PNC Financial Services (NYSE:PNC) - 24/7 Wall St.