If you still like doing your banking by heading down to your local branch, you may have to change your ways. The number of bank branches in the United States will shrink by as much as 20 percent in five years, according to a report from commercial real estate firm JLL.
The U.S. banking industry could save as much as $8.3 billion annually if it trimmed the number of branches, and downsized the size of the average bank branch from 5,000 to 3,000 square feet, JLL estimates.
This has been a trend that has been in motion since the recession. U.S. banks have reduced their footprint by around 8 percent since the financial crisis, from 97,000 branches to roughly 90,000.