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The U.S. banking sector is witnessing a wave of branch closures, with TD Bank shutting down 38 locations across 10 states and Washington D.C., following Bank of America's lead. This trend is driven by the growing preference for digital banking, prompting banks to reduce physical presence and reallocate resources to enhance online services. The closures impact customers seeking personalized service, employees facing relocations or layoffs, and local economies reliant on these branches.
Goldman Sachs has restructured its investment banking and trading leadership, promoting several executives to key positions as part of a strategy to retain talent amid recent departures. Meanwhile, Santander's Ana Botín reaffirmed the UK as a core market, dismissing speculation of an exit despite ongoing reviews of operations due to high costs and regulations. Additionally, Banco Sabadell is considering relocating its headquarters back to Catalonia, while TD Bank plans to sell $9bn in US residential mortgage loans to comply with regulatory requirements.
The U.S. stock market will be closed on Martin Luther King Jr. Day, January 20, 2025, marking its third closure of the year. Most banks will also be closed in observance of the federal holiday, following the Federal Reserve's lead. Additionally, January 20 coincides with Inauguration Day for President-elect Donald Trump.
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22:20 14.01.2025
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