• Speaking at the Barclays Global Financial Services Conference on Tuesday, Bank of America CEO Brian Moynihan and Jennifer Piepszak, JPMorgan’s CFO, both spoke about customers’ increasing reliance on digital banking tools.
  • Moynihan said that the pandemic had accelerated already-burgeoning digital trends by a year or two.
  • And Piepszak hinted at real-estate cost savings, which might impact the future of physical locations.
  • Data points to trends in the growth of mobile and digital banking throughout the coronavirus pandemic, as consumers have increasingly demanded contactless and remote banking solutions.
  • Visit Business Insider’s homepage for more stories.

Top executives at the two biggest US banks by assets have seen digital adoption soar among their retail customers during the coronavirus pandemic. And that’s putting a spotlight on how exactly they’re thinking about their sprawling networks of physical branches.

Speaking at the Barclays Global Financial Services Conference on Tuesday, Brian Moynihan, Bank of America’s CEO;

Read More

KEY POINTS

  • In the first half of 2020, there were 150 branch closings
  • The total number of banks plunged from 9,613 in 2001 to 5,177 in 2019
  • Many branches that have “temporarily” closed due to the pandemic, will close permanently.

The COVID-19 pandemic has accelerated the pace of the closure of bank branches – a trend that was well underway long before the virus emerged in the U.S. economy.

Mergers, rapid consolidation, the rising popularity of digital banking have all contributed to a gradual reduction of physical branches.

James R. Barth, the Lowder eminent scholar in finance at Auburn University in Auburn, Alabama, told International Business Times that in the first half of 2020, there were 150 branch closings.

The number of branches reached a peak of 91,365 in 2009 and declined thereafter to 81,054 by 2019. Meanwhile, the total number of banks plunged from 9,613 in 2001 to 5,177

Read More



a sign above a store: Photograph: Murdo MacLeod/The Guardian


© Provided by The Guardian
Photograph: Murdo MacLeod/The Guardian

The Co-operative Bank is to cut 350 jobs and close 18 branches across the UK, as it battles against low interest rates and the economic downturn sparked by the Covid-19 crisis.

The job losses represent about 11% of its 3,175 staff, and will mainly affect head office and middle management roles as well as workers at the branches earmarked for closure.

The job cuts and branch closures – which were announced to staff on Monday evening and Tuesday morning – will take effect by year-end.

The lender, which has been 100% owned by a group of hedge funds and private equity firms since 2017, blamed the economic impact of the pandemic and lower income after the Bank of England cut interest rates to 0.1% in March.

The move to cut jobs and close branches comes nearly a month after the Co-operative

Read More