• According to data from S&P Global Market Intelligence, major U.S. banks closed 33 branches during a two-week period in late March and early April 2023. This represents a significant acceleration in the ongoing trend of branch closures, which has been driven by factors such as the shift towards digital banking and the need to reduce costs.

• The branch closures were concentrated among the largest U.S. banks, including JPMorgan Chase, Bank of America, Wells Fargo, and Citigroup. These banks have been steadily reducing their physical footprint in recent years as more customers opt for online and mobile banking services.

• The article suggests that the recent spike in branch closures may be a sign of the continued evolution of the banking industry, as financial institutions adapt to changing customer preferences and the need to streamline operations. However, the closures could also have implications for communities that rely on physical branch access, particularly in underserved areas.