When reviewing a list of the top local banking stories of 2013, it didn’t take too long to realize how similar things were to 2012. Banks continue to be squeezed by low loan demand (though things have begun to thaw a bit) and heightened regulatory compliance costs. They also keep cutting and modernizing branches while expanding online and mobile product offerings. And the long-promised wave of mergers and acquisitions never materialized.
But there were some themes I noticed during the year that were of interest. Here is a look back at the year that was in Philadelphia’s banking scene.
When residential mortgage interest rates began to rise in the second quarter from historic lows, refinancing activity slowed dramatically and the nation’s biggest banks began to slice jobs in late summer and early fall. Read more about this story on PBJ.com
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