Important Takeaways:
- Major Banks have closed 41 branches in just two weeks as the shift toward online banking continues.
- Major banks such as Bank of America, Chase and Wells Fargo were among those shuttering locations.
- Customers of U.S Bank were worst hit, with the bank closing 13 local brick-and-mortar branches between August 4 and August 18.
- Wells Fargo closed seven, with Chase, Citizens Bank and Bank of America each closing four. Scroll down for the full list with addresses.
- The rest were closed by the likes of First National Bank, PNC, SouthState Bank and Huntingdon.
- The closures, which spanned from Florida to Missouri, were confirmed to the Office of the Comptroller of the Currency (OCC) which monitors branch closures and openings and publishes them in a weekly bulletin.
- Major banks are increasingly moving away from expensive brick-and-mortar branches in favor of online services.
- US banks shut 539 branches in just the first half of the year, research by DailyMail.com shows.
- The worst hit state was California, which saw 72 closures. New York was second with 51 closures, followed by Pennsylvania at 40.
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Important Takeaways:
- Wells Fargo axes another 13 branches in a single week as a host of banks shut down vital services – is YOURS on the chopping block?
- Six banks filed to close almost 40 branches last week leaving millions of Americans without access to vital financial services, with Wells Fargo alone axing 13 locations.
- Wells Fargo has been a leader in the closure of branches around the country, having closed 160 in the first half of the year, according to data from S&P Global Market Intelligence.
- And in the latest filings to its regulator, the Office of the Comptroller of the Currency (OCC), it indicated that five would now close in California, three in Florida, and another five elsewhere in the country.
- Also to notify of closures this week were US Bank, Citizens, Chase and Associated Bank, with seven, three, two and one proposed respectively.
- Associated is headquartered in Green Bay, Wisconsin, and has 200 branches throughout Wisconsin, Illinois and Minnesota.
- This year alone a total of 1,144 national and regional banks were closed between January 1 and July 31 across 49 states, according to data from S&P reviewed by DailyMail.com.
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Important Takeaways:
- Customers at Bank of America, Wells Fargo and other banks grappling with deposit delays
- Customers at major U.S. banks including Bank of America and Wells Fargo complained about delays with their direct deposits on Monday, following a glitch with processing payments that began Friday.
- The Federal Reserve on Friday said the problem wasn’t related to a cybersecurity issue and that it had been resolved. But customers on Monday continued to report delays with direct deposits, reaching out to their banks on social media to report that their paychecks hadn’t landed in their accounts as expected.
- Wells Fargo and Bank of America referred questions to The Clearing House, a payments company that operates the only private-sector automated clearing house (ACH) system in the U.S.
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Important Takeaways:
- BMO, Wells Fargo and USAA are latest banks to report layoffs
- Between April 2021 and July 2023, total employment in credit intermediation jobs, which include loan officers and tellers at depository institutions, fell by 45,000 to 2.67 million, according to census data.
- BMO, which has a large presence in California through its acquisition of Bank of the West earlier this year, recently informed Golden State officials about plans for 248 layoffs. All of the jobs affected are listed as being based in the Bay Area, though the numbers may include remote workers.
- Wells Fargo, meanwhile, informed Florida officials in July and August of its plans for 105 layoffs in Orlando. The bank did not provide details about the types of jobs being cut or the reasons for the layoffs
- USAA, which offers banking, insurance and investment products, informed Texas officials in July of plans for 235 layoffs. The company listed the jobs as being based in San Antonio, where USAA has its headquarters.
- Those layoffs were part of a larger plan by Morgan Stanley — reported in May by CNBC — to eliminate some 3,000 positions.
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Revelations 18:9-11 “The kings of the earth who committed fornication and lived luxuriously with her will weep and lament for her, when they see the smoke of her burning, 10 standing at a distance for fear of her torment, saying, ‘Alas, alas, that great city Babylon, that mighty city! For in one hour your judgment has come.’ 11 “And the merchants of the earth will weep and mourn over her, for no one buys their merchandise anymore
Important Takeaways:
- Wall Street rides to the rescue as 11 banks pledge $30 billion to First Republic Bank
- A group of financial institutions has agreed to deposit $30 billion in First Republic Bank in what’s meant to be a sign of confidence in the banking system, the banks announced Thursday afternoon.
- Bank of America, Wells Fargo, Citigroup and JPMorgan Chase will contribute about $5 billion apiece, while Goldman Sachs and Morgan Stanley will deposit around $2.5 billion, the banks said in a news release. Truist, PNC, U.S. Bancorp, State Street and Bank of New York Mellon will deposit about $1 billion each.
- The deposits would be obligated to stay at First Republic for at least 120 days, sources told CNBC’s David Faber.
- First Republic’s stock, which closed at $115 per share on March 8, traded below $20 at one point Thursday.
- First Republic typically caters to high-end clients and firms, and its business includes wealth management and residential real estate loans. The company reported more than $212 billion assets at the end of December and generated more than $1.6 billion in net income last year.
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