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Five US banks, including JPMorgan Chase and Bank of America, are accused by Eric Trump of abruptly closing accounts for political reasons amid alleged pressure from the Biden administration. The Trump family plans to hold these banks accountable, claiming they were targeted due to their political affiliation. While Capital One denies the allegations, JPMorgan Chase's CEO attributes account terminations to regulatory pressures rather than political beliefs.
Several major U.S. banks, including Wells Fargo, Bank of America, and TD Bank, are closing numerous branches across the country, with over 320 closures reported in just 13 weeks. In Pennsylvania, specific locations proposed for closure include Citizens Bank, Fulton Bank, PNC Bank, TD Bank, and Wells Fargo branches. The trend reflects a shift towards digital banking and a reevaluation of physical branch needs.
Bank of America has downgraded Bank of Nova Scotia to Neutral from Buy, citing a significant shift in the operating outlook due to trade tensions and economic uncertainty. The price target has been reduced from C$82 to C$70, with concerns over the bank's exposure to Mexico and Latin America, as well as its CET1 capital ratio being below peers. BofA prefers Royal Bank of Canada, TD Bank, and CIBC amid the current economic challenges.
Major U.S. banks, including Chase, Bank of America, and Wells Fargo, have closed approximately 145 branches in just five weeks, with more closures anticipated. Flagstar Bank leads with 44 closures, while Bank of America plans to shut down nine locations during this period. The trend of branch closures, exacerbated by the pandemic, is expected to continue, significantly impacting customers who rely on physical banking services, particularly the elderly and low-income individuals.
Major US banks, including Chase, Bank of America, and Wells Fargo, have closed approximately 145 branches in just five weeks, with more closures anticipated. Economic factors, rising interest rates, and the shift to online banking are driving this trend, which disproportionately affects low-income and elderly customers. Experts warn that the decline in physical bank locations could lead to longer wait times and a diminished customer experience.
Major US banks, including Chase, Bank of America, and Wells Fargo, have closed 145 branches in just five weeks, with Flagstar leading the way at 44 closures. Experts warn that this trend is accelerating, leaving communities with fewer local banking services, particularly impacting the elderly who struggle with digital banking. Over 200 million Americans still rely on cash deposits, raising concerns about longer wait times and declining customer experiences as the shift towards online banking intensifies.
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banks accused of closing accounts for political reasons amid trump family clash
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22:10 01.04.2025
major banks across the us announce widespread branch closures in 2025
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18:02 01.04.2025
BofA downgrades Bank of Nova Scotia amid economic uncertainty and trade tensions
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16:59 31.03.2025
major banks accelerate branch closures impacting customers nationwide
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16:19 23.03.2025
major us banks accelerate branch closures amid economic challenges
United States Dollar
TD BANK PREF SERIES 9
Wells Fargo & Company
Flagstar Bank, National Association
Bank of America Corporation
Chase Growth N
USA
Darren Kingman
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20:52 21.03.2025
major banks accelerate branch closures leaving communities without vital services
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TD BANK PREF SERIES 9
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Chase Growth N
USA
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17:09 21.03.2025
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