Millennium Post

JPMorgan to shut 300 retail outlets

JPMorgan Chase on Tuesday unveiled plans to eliminate hundreds of retail branches and some $100 billion in deposits as it announced nearly $5 billion in cost cuts in the next three years.

The biggest US bank by assets, JPMorgan projected $2.8 billion in expense reductions in its corporate and investment bank division through 2017 and another $2.0 billion in expense cuts in its consumer and community banking segment. The move comes as large banks continue to face major challenges from regulators that have resulted in large legal settlements and raised the cost of riskier business lines.

JPMorgan said the rise of digital banking permits it to cut its physical footprint, enabling fewer retail locations and smaller staffs at those that remain.
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