Capital One in Shreve City Is Closing

More bad news on the banking front in Shreveport. Capital One bank is closing another local branch. I found this sign on an ATM machine at the Capital One in Shreve City. It says "this location is closing September 19th".

This is yet another sign of major changes in the banking industry as more and more Americans bank online. The Wall Street Journal reports more than 40,000 bank tellers will lose their jobs between now and 2026 as a result of bank downsizing.

In the Advocate, Kabir Hassan, finance professor at the University of New Orleans says “The shift to online banking will reduce the need for customer service positions such as bank tellers or loan officers, which should lead to a decline in employment in the banking industry.”

Reports indicate banks are closing branches at "the fastest pace in decades", as they leave less profitable regions and fewer customers use tellers for routine transactions.

The number of branches in the U.S. shrank by more than 1,700 in the 12 months ended in June 2017, the biggest decline on record, according to a Wall Street Journal analysis of federal data.