Banks Are Closing Thousands Of Branches And Retailers Are Shutting Down Thousands Of Stores

 If the U.S. economy really is in "Good shape", then why are so many prominent businesses rushing to permanently shut down locations that were once profitable? As you will see below, U.S. banks are closing thousands of branches and U.S. retailers are closing thousands of stores.

During the first 10 months of this year, banks in the United States closed a total of 2,118 branches.

U.S. banks closed 2,118 branch locations between January and the end of October, according to data from S&P Global Market Intelligence.

It is being reported that Bank of America has decided to permanently shut down "Nearly two dozen Bay Area branches or ATMs".

Bank of America has shuttered or plans to shutter nearly two dozen Bay Area branches or ATMs, according to recent filings.

A new report from the Financial Times shows twenty of the world's largest banks slashed 61,905 jobs in 2023, a move to protect profit margins in a period of high interest rates amid a slump in dealmaking and equity and debt sales.

"There is no stability, no investment, no growth in most banks - and there are likely to be more job cuts," said Lee Thacker, owner of financial services headhunting firm Silvermine Partners.

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