TradingKey – While Trump’s tariffs and recession fears dominate Wall Street headlines, a quieter trend is unfolding across the banking sector: a steady wave of branch closures at major institutions including Bank of America, Wells Fargo, and JPMorgan Chase.
Between February 7 and March 14, several banks notified the U.S. Office of the Comptroller of the Currency (OCC) of plans to close 145 branches within just five weeks.
Flagstar Bank and TD Bank led the pack, announcing the closure of 44 and 38 branches respectively, while JPMorgan Chase reported 9 branch shutdowns.
It’s important to note that these announcements refer to the closure of physical branch locations - not full-scale bank bankruptcies. Additionally, filing a notice with the OCC does not necessarily mean closures are final.
Industry insiders warn that the pace of branch shutdowns could accelerate in 2025, potentially surpassing last year’s 1,043 closures by over 4%.
However, analysts suggest this trend reflects ongoing digital transformation rather than financial instability.
Experts argue that as society continues its shifts toward cashless transactions, reduced foot traffic at branches—despite the fact that 200 million Americans still rely on cash deposits—has contributed to longer wait times and a decline in in-person customer service quality.
Research suggests the last physical U.S. bank branch could close as early as 2041.