Bank of America closes 21 branches in ONE WEEK while Wells Fargo shutters 15 - is your local on the

https://www.dailymail.co.uk/yourmon...merica-Wells-Fargo-branches-shut-October.html

And that's in just one week !
Of course, bank branches have been closing at an alarming rate for quite some time.
Last year, U.S. banks closed about 2000 more branches than they opened.
Major U.S. banks have been quietly laying off employees all year, and some of the deepest cuts are yet to come. https://www.cnbc.com/2023/10/19/big-banks-cut-thousands-of-jobs-more-layoffs-coming.html
For example, the Conference Board's index of leading economic indicators has fallen for 18 consecutive months. https://www.conference-board.org/topics/us-leading-indicators
In the first nine months of this year, commercial Article 11 bankruptcies were 61% higher than the same period a year ago. https://www.zerohedge.com/markets/chapter-11-filings-businesses-soar-61-so-far-year

If things are so bad now, what happens if a hot phase of World War III suddenly breaks out in the Middle East ?
Speaking of war, parcels from North Korea have arrived in Russia.

Several million of these products. Kim Jong-un sends his greetings to Ukrainian fascists.

We are living in the Age of the Collapse of Illusions.
Maybe it always happens, but I haven't lived in other eras, so I can't say for sure.
All my life, things have been happening regularly that used to seem impossible. And if someone said a lot of things to me about today's reality, I would say, "You're talking nonsense, it can't be."
Fifteen years ago, washington was scaring the russians of a massive disarming strike by three thousand American cruise missiles. Now Russia has hypersonic missiles, and the U.S. still has the same old like mammoth dung, Tomahawks, half of which fell into the sea from fatigue when bombarding Syria.
California used to be praised as a blessed land. Today, no one praises this land of bums, drug addicts, lice, robbers and homosexuals.
Robocop used to be a sci-fi movie. Now Robocop is the harsh reality of American cities. But without Robocop.
NATO used to be a powerful (no kidding) alliance, deadly. Today it's a bunch of impotent *******s led by a sad homosexual from a gay pride parade.
All right, throw away all illusions!
No more pink ponies eating rainbows and pooping butterflies.
Welcome to the jungle!

 

I have a boy in banking and he states US banking is on tenuous footing.

That being said, why would anyone choose to bank with these impersonal mega-banks? Credit unions pay me better returns on my money market deposits and pay me dividends. If I have issues I can get someone on the phone who actually takes an interest in customer service, and it doesn't take 45 minutes to reach them.

As someone wiser than me advised me decades ago, bank with someone you can go to their office and get your hands around their neck if need be.

He also told me me never buy it if you fly it, float it, or f**k it. Sage advice

 

Just bank online....

 

As someone that has had both of those banks, good. How anyone continues to bank with them after what they have done is beyond me

 

with direct deposit, atms, online banking, I can't remember the last time I was actually in a bank

 

It gave me the creeps when my bank bought out that failed Silicon Valley thing, but supposedly the Fed absorbed all their outstanding loans. Our last BOA closed 5 or 6 years ago. I had a checking account with them I never used because they wanted you to everything online at their glitchy website. I use two banks that have multiple local branches. If they start closing them, I'll jerk my money out.

 

I don't bank with either one, and I don't do online banking.

The House of Cards created during the last 20 years or so is about to collapse.

 

*As you know banking has gone on line. I do not do business with a bank I cannot speak with personally.
*What are those NoKo things.
*Internet driven efficiency is testing us as a civilization to see what the minimum service level is we will accept. For example: a McDonalds lunch encounter with a robot. You do your own order and a robot prepares it.
*Lastly, I expect this election to be stolen by the democrats with the help of Big Tech.

 

It would have already collapsed if the Fed weren't letting them slide. The majority of banks in the country are insolvent.

 

I only go now if I need to deposit a paper check. I ended up getting one from the state this year rather than an electronic deposit, as it happens, after a budget surplus.

It's not a Wells Fargo, but it is next to one, as it happens. I'd be surprised if that one gets shuttered.

 

It's amusing to watch you imagine that your former homeland is militarily strong because it relies on artillery shells from North Korea and drones from Iran.

Anyway, the banks are feeling the pinch as the Fed hikes rates. Contrary to Bill's wet dreams, however, they will ultimately be fine.

 

1. It's not imagination, it's reality.
2. We shall see.

By the way, the "Free Western World" want to ban George Orwell?

 

No idea what you're talking about. Haven't heard anything about anyone trying to ban Orwell.

When are you going to come over to shop for designer jeans?

 

Soon. As soon as I get to New York. By the way, MR PORTER was recommended to me. I checked out their Web site. But I'd like to touch them to determine the quality. They also have a Made to Measure service. This is important to me. And it is important to have jean fabric made in Japan. According to the description, they have similar ones and they have the MtM service. They cost in the neighborhood of $1,000. (If you take into account that the same price of Jacobs Coin, but without MtM, you can say that it is not expensive).
I was wondering if you've bought jeans there, I'd love to hear your feedback.

 

Nope. I wouldn't waste my money on designer pants.

 

...HOLY F**K....POD's world is exploding because people bank online....

Next......

 

I have not seen the inside of a bank for years. Why do they need so many branches?

 

I'm not an expert in banking. I can't say. But considering that bankers are good at counting money, but the maintenance of bank branches costs a lot of money, they probably needed them.

 

Next... There will be unmanned cars, trains, airplanes. Pizza delivery will be done by drones, media articles will be written by AI, and robots will do housecleaning... Even social media will have AI writing comments. Admit it honestly - you're an AI.

 

....Vorsprung durch technik....

 

I bank with Chase. Yes, shame on me. Its mostly cuz Im lazy and I dont have enough money there that they can use it for much evil. I do plan on switching to a CU ...someday.

Most of my savings isnt in the bank. Seems TPTB are set on tanking the dollar, so I keep it in other stuff.

 

Bank of America has more than 6000 branches. Closing 21 of them is just a business decision with little impact and probably no negative impact on the company overall. Personally I wouldn't bank there but millions of people do.

 

Wait...... are you bragging about having to use North Korean munitions?

 

You made that obvious. They needed them before everyone got smart phones. Can you think of one reason to walk into a branch?

 

Basically, all reductions in departments and consequently in personnel are based on corporate benefit (no matter whether it is a bank or any other enterprise). This usually happens during a crisis. Or with the development of technology... For example, remember the Luddite uprising.