The Sun, October 10, 2023, Major Bank Closures Hit Over 1,000 Locations Across 5 US States With Wells Fargo Leading Pack By Shutting 267 Branches
The banking industry has witnessed over 1,000 retail branch locations close already in 2023. In 2021, Wells Fargo lead the pack with 267 closures, per S&P Global Market Intelligence
Data has pointed to closures in lower-income and majority-minority areas though. According to the National Community Reinvestment Coalition, one-third of branch closures from 2017 to 2021 occurred in these areas.
The impact of this change isn’t just about convenience.
The banking deserts that are being created as more branches shutter can lead to more non-traditional and high-fee banking options for some folks, like those relying on payday loans or check-cashing services.
