The annual Summary of Deposits report from the Federal Deposit
Insurance CUS Employmentorporation,
a snapshot of US banking market metrics and one of the most eagerly
awaited sets of US banking data, reveals that the number of bank
branches in the US has fallen for the third year running.

The report gives a comprehensive snapshot of
the world’s largest banking industry as of 30 June for all
FDIC-insured commercial banks, savings institutions and insured
branches of foreign banks in the US.

In the past 12 months, the number of branches
in the US fell for only the third time in more than a decade to
97,336 branches nationwide, down from 98,201 outlets in June

The figure peaked at 99,549 branches as of
June 2008.

Wells Fargo remains the largest US bank by
branches with 6,316 outlets, down a net 70 in the 12 month period
to 30 June 2012.

Bank of America (BofA) is set to be overtaken
by Chase as the second-largest US bank by branches.

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In the 12 months to end June, BofA shuttered a
net 196 outlets, reducing its network from 5,856 units to

By contrast, Chase now has 5,608 branches, a
net increase of 171 outlets since June 2011.

US Bancorp and PNC remain the fourth and
fifth-largest banks by branches with 3,134 and 3,044 outlets

PNC’s network has increased by a net 426 units
in the year to June following its acquisition of Royal Bank of
Canada’s US-based retail banking network.

The sixth-to-tenth largest banks by branches
have all reduced their branch networks in the past year with
Regions down 48, SunTrust closing a net 108 and Royal Bank of
Scotland’s Citizens network shrinking by a net 116 units.

US deposits and branches

Notable branch network increases are posted by
Bank of Montreal (up from 338 to 708) following its deal to
Marshall & Ilsley’s branches and First Niagara (up by 109
outlets acquired from HSBC).

Employment at the largest US banks actually
rose in the year to end June.

Notably employment rose by 4.3% at JPMorgan
Chase, mainly owing to an increase in the number of branches. By
contrast BofA axed net 5.5% employees owing to branch closures
through the year. Employee numbers for Wells Fargo declined by a
small margin of 1.3%.

Bank of Montreal had the most drastic increase
of employee numbers with a net jump of 113% but this was also due
to its acquisition of Marshall & Ilsley.

Similarly, Capital One – owing to the
completion of its acquisition of ING Direct USA and the cards unit
of HSBC – increased its employment numbers by 31.9%.

First Niagara employment numbers also rose by
a net 28.4% as a result of completing its acquisition of 195 HSBC
branches in New York.

Employment numbers at HSBC declined by a net
24% due to the lender selling its cards unit and a bulk of its