AS USA, October 24, 2023, Why Are The Big Banks In The US Laying Off Thousands Of Employees?
Changes are coming to the banking sector. As younger clients open accounts, digital banking options are increasing in demand, and automation is leading banks to close local branches.
The integration of artificial intelligence into the banking sector, as well as the increased prevalence of online banking, has led to major banks closing local branches across the country. According to the National Community Reinvestment Coalition, nine percent of all bank branches have closed since 2017 in the US. Not all of the workers from these branches have lost their jobs, with some being moved to other locations.