Bank branch closings slow in April to below 12-month trailing average: S&P
By Steve Gelsi
PNC closed 21 branches as the most active reducer in April, but banks overall shut down fewer branches than they did in March
U.S. banks closed fewer branches in April than March, S&P Global Market Intelligence said Tuesday.
All told, U.S. banks closed 130 branches and opened 51 in April for a net reduction of 79, down from 100 in March. The 79 figure is also below the trailing 12-month average of 114.
U.S. banks operated 78,475 active branches as of April 30, according to S&P.
PNC Financial Services Group Inc. (PNC) closed 21 branches in April, the most of any U.S. bank. The bank did not immediately reply to a request for comment.
Meanwhile, Banco Santander (SAN.MC) closed 12 branches in April and U.S. Bancorp (USB) closed nine.
Also read: These are the leading candidates to succeed James Gorman as Morgan Stanley CEO -- and what happens next
JPMorgan Chase & Co. (JPM) opened a net seven bank branches, the most of any U.S. bank in April.
The bank opened a total of 114 branches in 2022. It was the first retail bank with branches in all of the lower 48 U.S. states. It has also added more than 650 branches since 2018, according to an investor presentation.
JPMorgan has also consolidated branches at a rate comparable to that of other large banks, according to the presentation.
Also read:Ex-CEO of Silicon Valley Bank not off the hook for stock sales ahead of bank collapse, law professor says
-Steve Gelsi
This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
05-30-23 1220ET
Copyright (c) 2023 Dow Jones & Company, Inc.-
Going Into Earnings, Is Eli Lilly Stock a Buy, a Sell, or Fairly Valued?
-
What’s the Difference Between the CPI and PCE Indexes?
-
5 Stocks to Buy That We Still Like After They’ve Run Up
-
Markets Brief: Stocks Are Starting to Look Cheap Again
-
Will Earnings From These 10 AI Stocks Live Up to the Hype?
-
What’s Happening In the Markets This Week
-
What the Next Bitcoin Halving Means for ETF Investors
-
Going Into Earnings, Is Microsoft a Buy, a Sell, or Fairly Valued?
-
March PCE Inflation Index Forecasts Show Mixed Readings On Price Pressures
-
After Earnings, Is Charles Schwab Stock a Buy, a Sell, or Fairly Valued?
-
Going Into Earnings, Is Apple Stock a Buy, a Sell, or Fairly Valued?
-
AT&T Earnings: Network Outage Didn’t Stop Solid Growth or Cash Flow
-
This Dividend Stock With a Nearly 7% Yield Is a Buy After Selloff
-
Visa Earnings: Growth Holds Steady
-
GM Earnings: Strong Start to 2024 Is Good Sign for Rest of the Year
-
Tesla Stock Undervalued as Outlook Improves