Bank branches appear to be on the same journey as once-ubiquitous phone booths — and they’re suffering from the same culprit: mobile phones.
Major banks are moving away from handling transactions in bank branches, often opting for smaller branches that are more conducive to addressing complex financial needs such as home mortgages and wealth management services. First Republic entered the Seattle market last year, with the opening of a branch in the affluent community of Bellevue, Washington.
First Republic plans to open six offices over the next year or so in markets where it already operates, President and CEO Mike Roffler said on the bank’s latest earnings call.
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