Capital One announces US branch closures
Capital One is closing 37 branches across the US as it shifts towards a new digital strategy.
The bank holding company filed an application with the Office of the Comptroller of the Currency (OCC) this week outlining its plan.
Capital One’s five-year revenues have seen a compound annual growth rate (CAGR) of 6.4% while its income experienced an 8.2% growth over the same period.
“Our customers are increasingly engaging with us digitally,” says Capital One spokesperson Derek Conrad, according to a report on Yahoo! News.
“We continue to see steady growth in mobile banking, online banking, enhanced ATMs, remote deposit capture, etc.”
The news comes amid a slew of similar announcements from other major banking brands. Lloyds Banking Group posted plans to close 31 branches in the UK last month, while Italian lender UniCredit revealed it would be slashing 6,000 roles and 450 branches in a major cost-cutting plan.
Capital One has seen some comings and going among its senior staff, too. It appointed Eileen Serra to its board of directors and saw chief technology officer for enterprise products Gill Haus leave for JP Morgan.
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