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JPMorgan Chase to close one-fifth of branch network

JPMorgan Chase to close one-fifth of branch network

JPMorgan Chase is pulling the shutters down on 1000 branches in response to the escalating Coronavirus pandemic.

The move by the big US bank to close approximately 20% of its branch network was picked up in an internal memo seen by the Financial Times.

“Starting tomorrow, we will reduce the number of open branches,” consumer banking head Thasunda Brown Duckett said in the employee memo. “This will help us protect our employees as we provide essential services to our customers and the communities we serve.”

People will still get paid their regular salary regardless of branches closing or reducing hours. About 4,000 branches are cutting back hours of operation. Some employees were given the option to work from home.

Other US banks have yet to take similar drastic actions, but cannot be far behind. Across the border in Canada the nation's six biggest banks yesterday committed to a co-ordinated wave of branch closures and reduced operating hours.

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