Major banks are set to axe up to 20 branches in a single state this summer, as companies push digital banking services.
New York residents will see Capital One, Citizens Bank and JPMorgan Chase close their doors in the next three months, making it more difficult for customers to access basic banking services.
Bank of America, Community Bank, KeyBank, Santander Bank and Wells Fargo will also reportedly shutter outlets, according to NewsBreak.
The Office of the Comptroller of the Currency (OCC) releases a bulletin of banks set to close, it reports, with 19 set to shut in the Empire State in June, July and August this year.
Dwindling numbers of bank branches mean customers have to travel further to their nearest bank – leaving vulnerable and elderly people without a financial lifeline.
JPMorgan Chase is set to close the most locations in New York this summer, at five, while Citizens Bank will axe four.
It comes after JPMorgan announced earlier this month that it was axing a quarter of First Republic locations after it took over the failed firm earlier this year.
Druckenmiller is 100% spot on here 👇 pic.twitter.com/1LGMs9FXqM
— Financelot (@FinanceLancelot) June 10, 2023
Shares of Boston Properties, the largest office REIT by market cap, have plunged by 63% from the peak in February 2020, to $54.11. It owns the Salesforce Tower in San Francisco, where two older office towers just sold for 70% off the original listing price.
Source: wolf street