The Globe and Mail reports in its Saturday edition that after decades of electronic advances in banking, U.S. consumers are reacquainting themselves with the old-fashioned bank branch. The Globe's Gus Carlson writes that U.S. banks are building more physical branches -- hundreds of them in markets big and small across the country.
Bank of America said last week that it will open 165 branches by the end of 2026, with hundreds more to come in the years following. JPMorgan Chase, which has the largest U.S. bank branch network, said earlier this year that it would open 500 new locations by 2027. Wells Fargo has announced similarly aggressive plans.
Big regional banks such as PNC Financial Services Group are also expanding their ground games with hundreds of new branches. While similar expansion plans have not surfaced in Canada, a recent KPMG report suggests that Canadian bank and credit-union branch networks are ripe for revamping and innovation.
The new U.S. outlets are not your grandparents' branches. The services will go well beyond the traditional offerings. Bank of America, for example, calls its new branches financial centres that will offer services such as wealth management and small-business loans.
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