The US banking industry is facing a severe crisis with rising interest rates and turmoil in real estate, leading to bank branch closures and significant layoffs. Just in the first week of October, 54 bank branches were shut down. Moreover, the number of commercial Chapter 11 bankruptcies increased by 61% this year. Sales of previously owned homes have plunged to 2010 levels, and home foreclosures are up 34% from last year. The worsening economic conditions suggest a deepening recession is on the horizon, exacerbated by potential global conflicts. The situation is dire and expected to escalate.