Major Banks Continue to Invest in Branch Locations Amidst Declining Branch Count
The banking landscape continues to witness significant changes as financial technology and artificial intelligence make inroads into the industry. Yet, despite this fast-paced digital transformation, the largest banks in the country are still investing in their physical branch locations. The goal is to optimize these footprints in a bid to capture more consumer and wealth management business. This comes even as there is a net decrease in the overall branch count among these institutions.
While banks are keen on making their existing branches more convenient for customers, the banking sector saw a net decline of about 400 branches last year, as per Bancography’s 2026 annual report. The report shows that the 10 largest banks’ branch networks account for one-third of all U.S. bank branches.
Banking Giants Focus on Growing Deposits
PNC Financial Services Group, JPMorganChase, Citi, Bank of America, and Wells Fargo are among the banking giants that have recently reported their earnings. Each of these banks has indicated its intention to grow deposits. PNC, for instance, is targeting more retail clients, a move that its CEO, Bill Demchak, believes is “the key to growing deposits long term.”
JPMorgan, on the other hand, is considering using some of its estimated $40 billion of excess capital to expand its branch network. The bank, which currently has over 5,000 U.S. branches, plans to build more than 500 new branches by 2027. In 2025, JPMorgan saw a net increase of 116 branches, the highest among the top-four banks.
Bank of America and PNC: Growth Strategies
Bank of America has announced plans to open 165 new locations by the end of this year, targeting new markets such as Louisville, Kentucky, and Boise, Idaho. However, the bank isn’t necessarily chasing deposits, but rather seeking to “maximize the core operating client account activity,” according to its CFO, Alastair Borthwick.
On the other hand, PNC has leveraged acquisitions to expand its branch footprint. Following its acquisition of FirstBank Holding Company in January, PNC tripled its footprint in Colorado and Arizona. The bank also plans to invest $2 billion to add 300 new branches by 2030 in new markets like Chicago, Florida, and North Carolina.
Citi and Wells Fargo: Different Approaches
Citi and Wells Fargo are adopting different strategies. Citi, for instance, announced in December that it would integrate its retail bank into its wealth business. Jane Fraser, the bank’s CEO, stated that Citi’s branch footprint is targeted and “highly aligned” with its wealth business.
Wells Fargo, on the other hand, has been increasing activity in its branches to drive “stronger, low-cost checking account growth.” However, the bank’s CFO, Michael Santomassimo, noted that the balances in these accounts are smaller than commercial balances and may take longer to grow.
In conclusion, despite the rise of digital banking, major banks are still investing in their branch networks. They are focused on optimizing their physical footprints to capture more business and grow deposits, even as the overall branch count continues to decline.
For more detailed information, you can read the full report Here.
