The wave of bank branch closures during the pandemic, which shuttered 2,700 bank outlets in 2021 as consumer preference shifted to digital banking, dropped off in Q2 2022, according to a new report from S&P Global.
According to S&P data compiled as of June 13, only 248 bank branch closures were reported in the second quarter, down from 809 in Q1 2022 and the lowest quarterly total since Q3 2020.
Like many other sectors of the US economy, the banking industry is rethinking its staffing needs amid a nationwide labor shortage that has available workers demanding higher wages.
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