Banks Close 100s Of Branches And Layoff 1000s Of Workers As They Brace For Financial Meltdown

U. S. banks are closing a large number of branches right now, another ominous sign of the financial meltdown that has started to unfold. They are also laying off workers by the thousands in preparation for the chaos that is ahead, according to new reports. Recordhigh interest rates and turmoil in the real estate industry are adding an enormous amount of pressure on the nations biggest financial institutions. Even big names like JPMorgan, Wells Fargo, and Goldman Sachs have reported major losses in recent months, and they know a much bigger crisis is approaching. Thats why banks are getting very tight with their money, reducing their brickandmortar footprint, and slashing their headcounts as they fear mass withdrawals and more failures could happen in the coming winter. Experts say these are the very early stages of another global financial crisis, and many fully expect conditions to get even worse from now on. In the first seven days of October, banks closed a whopping 54 branches, leaving an increa