CitiGroup to FIRE 24,000 Employees _ Big Banks Fire 50,000 More

Banks are closing branches faster than they’re opening new ones. U.S. banks closed over 3,000 branches last year while opening just 1,000. JPMorgan Chase led in branch closures last year, shuttering 144 branches, while opening 133. The trend will likely continue as banks face staunch competition for deposits and younger customers from online banks, fintech firms and Big Tech.

Note that the number of bank closures varies widely by area. Between 2017 and 2021, more than 7,000 branches were closed in the U.S., which represents 9% of all locations. One-third of these closures have been in areas with large minority populations.