Vigilantly watching the banks for signals of what is to come…
Banks Are Signaling
A major slowdown in the Economy, and possibly preparing for automated services and bots for the digital economy to come.
Furthermore, I expect to see more consolidation in the financial industry where only the Too Big To Jail (G-SIFI) are left operating in this protection racket ponzi economy.
The financial industry’s Buzz-phrase is “digital channels” and they will hype up the wonderful self-service, efficiency, cost savings and how customers love fast digital banking!
Wells Fargo has placed an emphasis on growing its digital distribution channels. As of the end of the second quarter, in fact, the California-based bank has more active digital users than it does primary checking accounts, with 27.9 million digital active customers versus 23.6 million primary consumer checking customers. –fool.com
- Soon To Close 450 Branches: Well Fargo operated the largest branch network in the United States, with 5,977 locations
- Bank of America, Citigroup and JPMorgan shut 389 branches since the third quarter of 2015 as this 2016 report stated:America’s biggest banks are closing hundreds of branches
- “Bank branches are dropping like flies as financial institutions try to cuts costs and rely on the rise in online banking capabilities. As a result, consumers are rightfully worried they’ll see their own brick-and-mortar locations shutter as well.” –Will Your Bank Branch Soon Close? by Brian O’Connell thestreet.com
Keep another watch for more mergers, corporate buy-outs, and bankruptcies coming soon.