Chase to Close 300 Branches, Shift to Mobile Banking

JPMorgan Chase plans to close 300 branches, around 5% of all its branches, in a nod to the increasing  usage of the internet for processing ordinary banking transactions. The move was announced today at an investor’s conference, as part of a $1.4 billion cost-cutting measure taken up this year.

Chase executives explain the measure is part of an effort to shift traditional banking transactions to online and mobile banking, allowing the bank branches to function for advising clients on banking and investments.

JPMorgan had a total of 5,602 branches in 2014, and employed around 46,000 at the branches. The closures will amount to around 5% of all retail branches, and additional employee layoffs are expected. In previous years, Chase has fluctuated between adding a few branches per year to reducing a few.

The company does not yet know which branches will be closed, so we can all hope that our local branch will remain.

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Kevin S
Kevin S

Except for a few ATMs in Target stores over in IL, the nearest Chase banks are a few hours drive up in the Chicago area. While I have been with US Bank since the 80’s, I have switched from going to a bank branch to using US Bank services at a local grocery chain.

augias
augias

@italdesign: just switch to Schwab Bank – make mobile deposits up to $10,000 a day, and it has never failed to recognize any of the checks I deposited.
Also, no ATM fees worldwide (you get any fees you pay for ATM withdrawals anywhere refunded), free incoming wires, about 2-3 times the interest… Obviously checks are free too.
You just need another bank account for cash deposits (before you can then transfer that money to Schwab.

italdesign
italdesign

But even with that, I’d still rather go to the ATM than deal with the horrible mobile deposit app makes me take a bunch of pictures and THEN fails to recognize them.

italdesign
italdesign

Speaking of ATM, they desperately need to add more to our branches. Of the 3 lanes, only one is an ATM and it’s always backed up with cars waiting, while the two “send stuff up a pipe” lanes are hardly ever used.

Chasing The Points

That makes sense, one of the branches I visit was recently remodeled instead of a 4 or 5 window teller, it’s now down to 3 and 3x the amount of ATM’s. A bunch of NCR ATM’s that take deposits and cash only withdrawal Hyosung ATM’s