SAN FRANCISCO–The nation’s biggest banks are temporarily closing branches across the country as they cope with labor shortages and ongoing complications from COVID-19, including the arrival of the new omicron variant.
The closures are similar to those seen in March of 2020 when many thought the lockdown would last for just a few weeks. But as 2022 approaches several giant banks say they are again closing branches for numerous reasons, and they are unsure when many will reopen.
“Many of our locations may have reduced hours, alternate days of operations or may have been temporarily closed,” Bank of America has informed its customers on its website. “We are doing everything we can to reopen as soon as possible, though some locations may remain closed for an extended period of time.”
In the Bay Area, for example, the San Francisco Business Times reported that both Bank of America and JPMorgan Chase were “tight-lipped” on how widespread the temporary closures are, with both declining to provide national or Bay Area numbers. Wells Fargo, however, told the publication that of the 221 branches in the nine-county Bay Area, 13 temporarily closed. Nationally, Wells said it has about 4,800 branches and 94% are open, suggesting that approximately 288 branches are temporarily closed across the country, the Business Times reported.
JPMorgan Chase confirmed to the publication that two of its 41 branches in the city of San Francisco were temporarily closed. The Business Times said a spot review of BofA’s branch locator on its website found that about half of its financial centers in or near downtown San Francisco are temporarily closed, while outside the city the bank has temporarily closed locations in the California markets of Lafayette, Martinez, Danville, Piedmont, San Ramon, Menlo Park, Redwood City, Los Altos, San Rafael, Mill Valley, Oakland and San Jose.
Permanent Closures
“In a few instances, BofA also indicates on its website that some financial centers that are temporary closed will be permanently closed in early 2022,” the Business Times reported.
“Our temporary financial center closures have occurred in areas where we’re seeing fewer visits, or where our staffing is not sufficient for all to remain open,” a Bank of America spokesperson told the Business Times. “We have a number of financial centers that are temporarily closed, but this is not new nor unique to the Bay Area. If we had a known exposure (to COVID), whether client or associate, we will close the financial center for deep cleaning. When a center closes, we work to reopen it as soon as possible.”