Banks in the US have totally closed 1,487 branches throughout the nation in 2013, according to an analysis by SNL Financial.

The report is based on an initiative launched by KeyCorp in mid-2012 that aimed to offset sluggish revenue trends and push the bank’s bottom line.

According to SNL’s report, during the period from June 2012 and end of 2013, the Cleveland-based company consolidated 81 branch locations, or approximately 8% of its franchise, and in the last 18 months, it implemented annualised cost savings of $241m.

In comparison to KeyCorp, other banks such as Bank of America (BofA), PNC Financial Services and SunTrust Banks have closed even more branches during 2013, due to consumers moving towards online and mobile banking.

Other banks that cut down on their branches during the period were Capital One Financial, Hancock Holding and Citigroup.

In addition to closing or selling off branches, some banks such as Webster Financial and others are downsizing their branch sizes to half to reduce the expenses tied to large branch networks.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.