Whitney Advisory Group

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Banks seen pruning branches to stay profitable

U.S. banks’ declining profits and tighter profit margins will push them to close 5,000 branches nationwide within the next 18 months, bank analyst Meredith Whitney said in a research note Monday.

Whitney, CEO of Meredith Whitney Advisory Group LLC, said that reduced consumer and corporate appetite to borrow, mixed with new regulations, haveĀ  changed what was once a key source of industry profits. Get the full story »