Top bank sees new wave of store closures across 13 states
Major US bank announces over 50 branch closures across 13 states
- TD Bank is set to close 51 branches across 13 states, primarily on the East Coast, as part of a plan to reduce its retail footprint by 10%.
- The closures will affect states including Connecticut, Florida, Massachusetts, Maryland, Maine, Washington D.C., North Carolina, New Hampshire, New Jersey, New York, Pennsylvania, South Carolina, Virginia, and Vermont.
- CEO Leo Salom stated that these closures are part of 'reimagining' the bank's retail presence and accelerating investments in digital and mobile capabilities.
- The bank aims to increase digital acquisition to 50% of total sales and encourage 70% of its customers to utilise digital banking services.
- This strategy follows previous branch closures and comes despite earlier plans to open 150 new sites, particularly in the Southeast, and a 51% rise in the parent company's shares.