Major U.S. Banks Close Over 30 Locations

The UK is experiencing a significant wave of bank closures, with nearly 300 banks shutting down this year alone, and projections indicating a total of 415 closures by the end of 2024. This trend has left many communities without any banking facilities, disproportionately impacting small businesses and vulnerable consumers dependent on cash and in-person banking. In the U.S., major banks like Bank of America, Chase, and Wells Fargo closed over 30 locations in just two weeks in July, with Bank of America leading with 11 closures amid a broader trend of physical branch reductions as customers increasingly opt for digital banking. Bank of America has closed more than 100 branches this year, reflecting a shift in consumer behavior towards online services. Financial institutions, citing modernization efforts and cost-cutting measures, are consolidating branches and reducing their physical footprint. Experts suggest that the majority of Americans, across all age groups, are moving away from traditional banking, which may explain the surge in closures.