Report says US bank branches to shrink.
Global Banking News-April 26, 2017--Report says US bank branches to shrink
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Global Banking News - 26 April 2017
A report has said that the number of bank branches in the US will shrink by 20 percent within five years.
The report was compiled by commercial real estate firm, JLL. The firm said that banks are looking to promote mobile banking technology in order to cut overheads involved in branch banking.
JLL said that the US banking industry could save as much as USD8.3bn annually if it trimmed the number of branches and downsized the average bank branch from 5,000 to 3,000 square feet.
After the financial crisis, US bank branches have reduced by 8 percent.
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