Posted on 02/25/2015 1:31:46 PM PST by SeekAndFind
JPMorgan Chase plans to close 300 bank branches over the next two years, about 5 percent of the total, as more customers move online and the bank seeks to cut costs.
The closures are part of a $1.4 billion cost-cutting plan the bank announced for this year. The latest developments were revealed during the bank's annual investor day conference Tuesday.
Online and mobile banking have become increasingly popular and that trend is expected to continue. The shift online has begun to make brick-and-mortar branches less necessary and, frankly, expensive.
Tellers handled only 42 percent of all bank deposits last year, according to JPMorgan, down from 90 percent in 2007. Banks have made even visits to an ATM less necessary, introducing technology that only requires customers to take a picture of a check with a smartphone to make a deposit.
Teller transactions are now among the most expensive for banks to process. It costs JPMorgan roughly 65 cents each time a deposit is made through a teller, more than eight times the cost to process an ATM deposit. Deposits through a smartphone cost the bank 3 cents.
Still, roughly 90 percent 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.
(Excerpt) Read more at cnbc.com ...
It is shocking to see CNBC report something FACTUAL and that people can find plausible/not spun. Hard to handle...
ROTFLOL!
They just finished opening a branch on every corner in my little burg.
JP Morgan Chase the most corrupt financial institution on the planet, not that the others of the same ilk are much better.
I hope I helped. They bought my small bank years ago and started collecting fees on everything. Even my accounts with close to $50,000 started getting charged $15 a month. I closed everything I ever did with them and threw out all their credit cards. They are the worst.
“I hope I helped. They bought my small bank years ago and started collecting fees on everything. Even my accounts with close to $50,000 started getting charged $15 a month. I closed everything I ever did with them and threw out all their credit cards. They are the worst.”
Thankfully we still have a local bank here that’s been in operation since 1862. I’ll take them over any of the big banks. They may be a little “dated” but they have an excellent website for online banking through “Net Teller” and very few fees for anything.
Wachovia and now Wells Fargo sucked.
No, Bank of America is the bank of Evil. And Capital One is the worst credit card I ever did business with.
JP Morgan does suck though.
“They just finished opening a branch on every corner in my little burg.”
Where I live, also. I tried to figure out why they were opening so many branches, and I think they were spending some of their money that they won’t loan to anyone buying the locations, not planning to stay particularly long. They’re all on busy corners; they’re all small branches.
Just started depositing the few checks I get with my smart phone in under two minutes.
The big banks don’t seem to care that non-wealthy individuals are leaving; it seems they want you to leave.
In my area any new banking jobs went to immigrants; the middle-aged Americans that worked in them are gone, replaced with younger, less experienced workers. All have accents (including the white ones).
Many years ago I was using a small savings & loan to put together money to get married; at the time they couldn’t offer checking but would give three free money orders per month if your balance was high enough. When I started drawing money out to start putting deposits on the hall, etc., they charged me a couple of bucks for a money order. I asked if $15K wasn’t sufficiently high to offset the fee, and was told it wasn’t; at that point I told them to simply close the account.
They told me I could only draw $3K per day, so over the next four days I drew out the balance; on the last day the stupid twit I’d been dealing with each day asked if I would like to speak to a manager. I told her it was a little late for that, and never laid eyes on the place again.
In my area it seems there are no Americans (not even the managers anymore), and nobody over twenty years old, working in any banks...
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