US Banks Continue Closing In-Store Branches, Money Laundering Fines Rise

U.S. banks cut the number of branches inside supermarkets and retail stores by 2.6% in the 12 months ending on June 30, and deposits at those locations fell 2.1%, S&P Global Market Intelligence reported. Meanwhile, the number of traditional bank branches declined 0.2% over the same period, even as total deposits held across the traditional branch network increased 5.3%. Several large banks, including JPMorgan Chase, Wells Fargo, and M&T, reported declines in in-store deposits as their overall deposits increased.

S&P also discussed how regulators continue to impose large fines on banks for AML compliance violations. Recent actions include a $1.21 billion settlement involving Bank of America and a $350 million fine against American Express.