Anyone know if these layoffs will include branch closures. Trying to determine how soon I should exploring my options
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As someone who is working on team to create and dismantle branches in a certain capacity, yes rural is slowly going away and being relocated if possible to larger branche(s)/metro. So far it is not cost effective to leave rural in place because of the sheer cost. This will continue to happen and I expect this to accelerate much faster in 2024, we already have 20 to 30 projects for this queued for 2024 so I'd look now and once you find something, don't look back.
And will also include other states. Everyone seems to forget Bill's talking points about shrinking the geography.
Would not be surprised to see us pull out of a couple of states entirely.
If Truist follows the SunTrust model, which I believe they will, they will close rural branches and branches in the western regions of Maryland to focus on metro market areas like Baltimore and Greater Washington. Any way you look at it, I see all banks reducing branch locations going forward. That’s the industry trend.
Start the exploration now
It's absolutely going to include branch closures