Barclays And Other British Banks Announce Branch Closures In Wake Of American Banking Fallout

The WinePress had noted in January 2021 and later in July that banks both small and large across the U.S. and Europe had been shutting down, thus indicating their insolvency and problems to come down the road. Since the collapse of three U.S. banks – Silicon Valley Bank (SVB), Signature Bank, and First Republic – many other medium and local banks have been affected by the contagion and pockets of bank runs began, with customers pulling their money and reinvesting in much larger institutions.

SEE: FDIC Takes Over Signature Bank, Second Bank Closure After Silicon Valley Bank Catastrophe. Federal Reserve To Launch New Lending Program To Save Markets

Other European banks and investors had money wrapped-up in these banks also lost out.

SEE: 666 Million Worth Of Assets Held By Swedish Pension Firm Tied-Up In Collapsed American Banks

Swiss giant Credit Suisse stocks have also gotten hammered as well to a new all-time low during early trade in Europe on Tuesday. CNBC wrote: ‘In the Tuesday annual report, Credit Suisse revealed that it had identified “certain material weaknesses in our internal control over financial reporting” for the years 2021 and 2022. These issues related to a “failure to design and maintain an effective risk assessment process to identify and analyze the risk of material misstatements” and various flaws in internal control and communication.’

A failure to reverse these outflows and to restore our assets under management and deposits could have a material adverse effect on our results of operations and financial condition.

The Credit Suisse report said

But as for Barclay’s closures, iNews has more on the story:

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Barclays is the latest bank to announce fresh branch closures with 14 more locations to close this year. This is in addition to 41 closures that have already been announced.

Now 11 more in England, two in Wales and one in Scotland will close this summer.

The bank insisted the closures reflected a change in customer habits and took place in areas where there was no longer enough demand to support a branch.

Barclays is not alone – since 2015 almost 5,000 high street banks have shut down or are set to close and according to the UK’s cash machine network LINK, 257 bank branches are set to shut their doors for the final time this year, with TSB, HSBC and Lloyds all planning closures.

Last month HSBC announced it would be closing over 100 branches in 2023, blaming the pandemic for a reduction in footfall. Meanwhile Lloyds is closing 26 branches in 2023.

It means thousands will have to manage their money differently, although pensioners are particularly affected by the changes.

Almost half of over-65s would have to travel further if their local branch closes, with 28 per cent incurring extra costs to do so, according to research by Age UK.

While many use online banking, a significant proportion are either unable or unwilling to do so.

Common barriers to digital banking for older people include not having a digital device or being unable to afford one, living in an area with a poor broadband connection as well as health issues and a lack of understanding of how digital banking works.

Every week we hear of another round of bank branch closures, which means even more older people who don’t want to or who can’t bank online are left without an obvious means of managing their financial affairs.

We know that the banks are closing branches to save money, but millions of older people have relied on banking face to face throughout their lives and are turning to Age UK for help.

Caroline Abrahams, charity director at Age UK, says

Barclays said it will maintain an in-person presence through its pop up banking sites which are live in over 200 locations, based in libraries, town halls, mobile vans and banking pods.

A spokesperson said:

As visits to branches continue to fall, we need to adapt to provide the best service for all our customers.

We also support access to cash with our cashback without purchase service, 24-hour deposit-taking ATMs and by working alongside the Post Office and Cash Access UK.

List Of Latest Barclays Bank Closures

• 4 High Street, Manningtree, England, CO11 1AF – June 7, 2023
• 6/8 High Street, Ringwood, England, BH24 1BZ – June 8, 2023
• 58 High Street, Newmarket, England, CB8 8NH – June 9, 2023
• 10 Bethcar Street, Ebbw Vale, Wales, NP23 6HQ – June 9, 2023
• 21 Cowgate, Kirkintilloch, Scotland, G66 1HW – June 9, 2023
• 10 Yorick Road, West Mersea, Colchester, England, CO5 8HX – June 13, 2023
• 3 Beckenham Road, Beckenham, England, BR3 4ES – June 14, 2023
• 47 High Street, Merthyr Tydfil, Wales, CF47 8DL – June 14, 2023
• 1 Tudor Square, West Bridgford, England, NG2 6BT – June 15, 2023
• 29 High Street, Mildenhall, England, IP28 7EA – June 14, 2023
• 21 High Street, Lymington, England, SO41 9YJ – June 15, 2023
• 35 Notting Hill Gate, London, England, W11 3JR – June 16, 2023
• 1 Station Road, Knowle, England, B93 0HW – June 16, 2023
• 137 Brompton Road, London, England, SW3 1QF – July 7, 2023

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AUTHOR COMMENTARY

As I have been covering with this banking turmoil, the ripple effects this has caused and will cause cannot be understated. The banks are insolvent and now the public is starting to learn this as more banks around the world are being affected.

With more branches closing down the necessity for physical tender dwindles, thus paving the way for the central banks to release their CBDCs before too long. These controlled events will help to foster that in.

SEE: Ways To Resist And Slowdown The Introduction Of Central Bank Digital Currencies

Central Bank Digital Currencies Would Bring Hyperinflation

The rich ruleth over the poor, and the borrower is servant to the lender.

Proverbs 22:7

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[7] Who goeth a warfare any time at his own charges? who planteth a vineyard, and eateth not of the fruit thereof? or who feedeth a flock, and eateth not of the milk of the flock? [8] Say I these things as a man? or saith not the law the same also? [9] For it is written in the law of Moses, Thou shalt not muzzle the mouth of the ox that treadeth out the corn. Doth God take care for oxen? [10] Or saith he it altogether for our sakes? For our sakes, no doubt, this is written: that he that ploweth should plow in hope; and that he that thresheth in hope should be partaker of his hope. (1 Corinthians 9:7-10).

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