America’s biggest banks are closing hundreds of branches.
Bank of America, Citigroup and JPMorgan shut 389 branches since the third quarter of last year.
Bank of America, which had over 6,000 branches before the financial crisis has now shrank to 4,629, according to third quarter accounts. The bank has cut 112 financial centers from last year.
Paul Donofrio, CFO of Bank of America, said the closing of branches was part of a “shift to self-served digital channels, mobile, online, and ATM” in a 3Q earnings call transcript.