CHASE Bank has announced plans to close nine additional branches this year.
However, the banking institution suggested it is quickly running out of branches to close.
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The decision to close more branches reflects a broader trend in the banking sector.
Digital banking services are increasingly becoming the preferred choice for consumers.
As technological advances continue to revolutionize the way people manage their finances, traditional branches are facing pressure to adapt or downsize.
CLOSINGS
The closures were announced by the Office of the Comptroller of the Currency (OCC) in March, AS News reported.
There will be nine Chase stores closing this year, however, the timeline for the closures has not yet been announced.
Illinois will close three stores – two in Skokie and one in Wilmette.
There will be a shutdown in New York.
Another will close in Pataskala, Ohio.
Two California stores will close in San Lorenzo and Los Angeles.
Las VegasNevada, will also close a store.
There will be a closure in Lafayette, Indiana.
ACTION PLAN
Marianne Lake, co-CEO of JPMorgan’s consumer and community banking unit, addressed the changes at a Goldman Sachs conference in December 2023.
“Briefly about branches, you know we continue to want to expand our branches in certain markets where we have just entered or where the opportunity is great,” Lago said.
“We have been adding branches at a gross rate, around 150 or so per year.
“We hope to continue doing that.
“Obviously, we are also consolidating, but going forward there will be fewer and fewer opportunities for consolidation.
Marianne Lake, co-CEO of JPMorgan’s consumer and community banking unit
“Obviously, we are also consolidating, but going forward there will be fewer and fewer opportunities for consolidation.
“So over time you will see that our network will generally be stable, but we will continue to add areas where we think there is an opportunity to do that.”
The US Sun has reached out to Chase for comment.
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