A pair of new reports issued on Monday portray a domestic oil and gas industry entering into a new consolidation cycle even as it is shedding tens of thousands of jobs that won’t be coming back anytime soon. It’s a scenario the industry has repeated often in the past.

Deloitte’s new report, titled “The future of work in oil, gas and chemicals,” posits that the great preponderance of the 107,000 industry jobs lost this year (per U.S. Department of Labor statistics) will not be staging any sort of a comeback before the end of 2021. In the most likely, “business as usual” scenario used in its statistical analysis,

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  • 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

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In an all but deserted downtown and with wooden boards covering their windows, the owners of Downtowner Deli plan to call it quits at the end of the week.”It was vibrant. People loved to come downtown and to see it like this, still like this, it breaks my heart,” owner Tony Cobb, who operates the deli with his wife, said.”This is our livelihood, this is what we worked hard for and now it’s just gone,” wife Delanea said, telling WLKY the restaurant had been an investment for their children.The husband and wife team say the first hit was the pandemic. As downtown came to a screeching halt in March, and many of their regular customers began working from home, business plummeted.Delanea Cobb said Tuesday, “It wasn’t unusual for us to have a line out the door during a typical lunch rush. Now, here it is 11:30 and we’ve had one … Read More