U.S. Bancorp to Close More Branches
October 14 2020 - 10:13AM
Dow Jones News
By Allison Prang
U.S. Bancorp is closing an additional 15% of its branches, its
chief executive said Wednesday.
The regional lender previously announced a plan to close between
10% and 15% of its branch locations. CEO Andy Cecere said Wednesday
that the company has closed about 10% of those branches so far to
date, and that it expects to close 15% additional locations by
early next year.
Mr. Cecere said the "majority of these additional closures were
branches that were impacted by COVID-19 and they will remain
closed."
"While physical branches and personal interactions will always
be important, we need fewer branches today than we did even a few
years ago," Mr. Cecere said.
Write to Allison Prang at allison.prang@wsj.com
(END) Dow Jones Newswires
October 14, 2020 09:58 ET (13:58 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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