CHASE Bank customers are facing the closure of five more branches in the coming weeks. This comes as JPMorgan Chase aims to streamline its banking operations by closing duplicate locations and expanding into new regions. Last year alone, JPMorgan Chase closed down 144 branches, making it the US bank with the highest number of closures. The company stated that its goal is to have the right branches in more communities to better serve its customers’ financial needs. The affected areas include California, Indiana, and Texas.
JPMorgan Chase recently announced plans to shut down three branches in October, including two in California and one in Indiana. Another branch in Indianapolis is set to close on December 1. In addition, two more locations in Texas are scheduled for closure before the end of this year. While specific closing dates have not been disclosed, the bank has filed paperwork for the closures. The trend of bank closures is not unique to JPMorgan Chase, as over 3,000 banks have already shut down in 2022 alone, with an increasing number of closures over the past decade.
These closures reflect a larger trend in the US banking industry, where approximately 9% of all bank locations have closed between 2017 and 2021. Minority-majority communities have been particularly affected, with a third of the closed branches situated in these areas. Amidst this landscape of bank closures, JPMorgan Chase seeks to strategically position its branches to better serve its customers’ financial needs. To that end, the bank aims to have the right branches in more communities and has chosen to close duplicate locations in favor of expanding its presence in new regions.