- The number of U.S. bank branches fell by more than 1.7K in the 12 months ended June 2017, according to the WSJ. That would be the fastest pace since the numbers began being collected.
- Branches continued to decline in H2 of last year, according to the report, though specific numbers weren't given.
- The reasons are well-known: A focus on expenses in a slow-growth environment, and technology beginning to make the traditional bank branch obsolete.
- While lenders like Bank of America (NYSE:BAC) and Citigroup (NYSE:C) have been at the forefront of the post-crisis wave of closings, shops like Wells Fargo (NYSE:WFC) were among those trying to preserve their branch network. But even Wells has joined the trend, particularly in the wake of its fake-account-opening scandal.
- ETFs: XLF, FAS, FAZ, KRE, VFH, KBE, UYG, FNCL, IYF, BTO, IAT, IYG, KBWB, RYF, QABA, KBWR, FXO, SEF, FINU, DPST, RWW, FINZ, WDRW, JHMF
- Now read: XLF: Go Long In 2018
Original article