America’s biggest banks are closing hundreds of branches

Bank of America, Citigroup and JPMorgan shut 389 branches since the third quarter of last year. Bank of America, which had over 6,000 branches before the financial crisis has now shrunk to 4,629, according to third quarter accounts. Citigroup revealed its branch count shrunk seven percent in North America from the third quarter of last year. Paul Donofrio, CFO of Bank of America, said the closing of branches was part of a "shift to self-served digital channels, mobile, online, and ATM." As consumers opt to go online for transactional services like check deposits, bank branches now emphasize more value added services that "you just have to do face to face" and are adding more mortgage and investment specialists.