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JP Morgan Chase to close down 300 branches

25JPMorgan Chase plans to close 300 bank branches over the next two years. This is about 5% of the total number of branches of the US bank. The bank said this because more customers move online and the bank is wanting to cut costs. The closures are part of a $1.4 billion cost-cutting plan the bank announced for this year. According to the bank’s estimates, it costs the bank roughly 65 cents each time a deposit is made through a teller, more than eight times the cost to process an ATM deposit. Each deposit through a smartphone costs the bank three cents, more than 20 times the cost of a traditional deposit. Still, roughly 90% of JPMorgan customers visit a brick-and-mortar location each year, with an average visit of 12 times annually. The bank had been opening net new branches as recently as 2013, but closed 28 net branches last year.

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