JPMorgan to close 5 percent of bank branches as part of overall expense reduction measure

Associated Press

JPMorgan Chase is planning to close 300 bank branches, or about 5 percent of the total, over the next two years, as more customers move to online and mobile banking and the bank looks to reduce its overall expenses.

The plans were announced as part of the bank's annual investor day conference Tuesday. The closures are part of a $1.4 billion cost-cutting plan the bank initiated this year.

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JPMorgan executives said that, because of the increasing use of online and mobile banking services, it plans to re-tool its existing branches away from everyday transactions like tellers to focus on advisory services.

A spokesman for JPMorgan said it was too early to know which bank branches would be closed. JPMorgan has 5,602 branches in 2014 and employed roughly 46,000 staff at those branches.