Banks closed 5,500 branches across the EU last year

Banks cut 5,500 branches across the EU last year, 2.5% of the total, leaving the region with 20,000 fewer outlets than it had when the financial industry was plunged into crisis in 2008.

Last year’s cuts come after 7,200 branches were axed in 2011, according to data analysed by Reuters from ECB statistics.

Banks across Europe have been closing branches in a bid to trim operating costs and improve their battered earnings.