Whitney, CEO of Meredith Whitney Advisory Group LLC, said that reduced consumer and corporate appetite to borrow, mixed with new regulations, have permanently changed what was once a key source of industry profits.
In turn, banks will be forced to shutter some of their branches. There were 83,320 U.S. commercial bank branches at the end of last year.
“We believe the banking industry will simply no longer be able to service upwards of 10 percent of their current customer base,” Whitney said.
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