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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| JP Morgan Chase and Co | NYSE:JPM | NYSE | Common Stock |
| Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| -0.86 | -0.45% | 190.80 | 192.529 | 188.46 | 192.00 | 8,922,779 | 01:00:00 |
From May 2019 to May 2024
J.P. Morgan Chase & Co. plans to cut roughly 300 branches by the end of 2016 from its current network of 5,602 branches, according to a presentation from the bank's investor day.
The bank said the cuts come as J.P. Morgan seeks to transition the focus of its retail banks to advising clients rather than conducting transactions.
The bank's branch cuts amount to roughly 5% of its overall footprint. In 2014, the bank cut 28 branches compared with adding 16 in 2013 and 106 in 2012.
J.P. Morgan also said it plans to continue cutting staff in its branch network. Between 2013 and 2014, the bank cut roughly 6,500, or 11%, of its branch employees.
Write to Maureen Farrell at maureen.farrell@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
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