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.
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(END) Dow Jones Newswires