MINNEAPOLIS, Minn.—U.S. Bancorp is planning to close hundreds of branches across the country over the next few years, a new report indicates.
Andy Cecere, CEO of U.S. Bancorp, said the company plans to close 10% to 15% of its branches over the next two years.
“That represents between 300 and 450 of the 3,000-plus branches U.S. Bank currently has across 25 states, most of which are found in the Midwest and the West,” Bring Me The News stated.
U.S. Bank, the nation's fifth-largest bank, is seeing a shift in consumer demand for in-branch banking, with increasingly more customers conducting their business online, the bank said.
“For example, a third of all its loans are now completed digitally, up from 25% a year ago, and 75% of mortgage loans are also completed digitally,” Bring Me The News noted.
The move by U.S. Bank to reduce its branch footprint comes at the same time JPMorgan Chase has announced it is adding hundreds of branches across numerous markets.