A massive bank is now closing nine more locations this year after its CEO said the company is running out of branches to shutter.
Chase Bank has announced plans to close nine additional branch locations this year.
However, the banking institution has suggested it is rapidly running out of branches to shutter.
The move to close more branches reflects a broader trend in the banking industry, reports The-Sun.
“Digital banking services are increasingly becoming the preferred choice for consumers.
As advancements in technology continue to revolutionize the way people manage their finances, traditional brick-and-mortar branches are facing pressure to adapt or downsize.”
The closures were released 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, a timeline for the closures has not yet been released.
Illinois will close three stores – two in Skokie, and one in Wilmette.
There will be one closing in New York.
Another will close in Pataskala, Ohio.
Two California stores will close in San Lorenzo and Los Angeles.
Las Vegas, Nevada, will also be shuttering one store.
There will also be one closure in Lafayette, Indiana.
Marianne Lake, co-CEO of JPMorgan’s consumer and community banking unit, addressed the changes at a Goldman Sachs conference in December 2023.
“Just really briefly on branches, you know that we continue to want to grow our branches in certain markets where we’ve either just entered them or where the opportunity is high,” Lake said.
“We have been adding branches at about gross, about 150 plus or minus a year.
“We expect to continue to do that.
“We’ve obviously been consolidating also, but going forward there are less and less accretive opportunities to consolidate.
“So over time, you’ll see our network generally be flat to up, but we’re going to keep adding in areas where we think the opportunity is there to do it.”
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Also Read: Three Massive Bank Branches Are Now Closing in California
Other Economy News Today
A popular US bank now reaches a whopping 7,000 layoffs, up 2,000 from its original plan to cut 5,000 jobs.
Job cuts tied to Citi Bank’s reorganization have now totaled 7,000, up from the 5,000 the bank initially targeted, CEO Jane Fraser confirmed Friday.
Last month marked the end of the Citi’s massive overhaul, Fraser said during a first-quarter earnings call, leaving the bank “nimbler” and with “frankly, much less bureaucracy and needless complexity.”
Ultimately, about 7,000 positions were cut – more than the bank initially outlined – generating a whopping $1.5 billion of annual expense savings, she said.
The simplification of the business included eliminating layers of management and cutting a number of committees in certain geographies, among other aspects.
“I’m much closer to the businesses and the clients,” Fraser said.
“It makes it much easier for [CFO] Mark [Mason] and I and the rest of the team to run the bank like an operator versus the head of the company.”
During the quarter, Citi wrote down $225 million in restructuring charges mainly related to the reorganization and $258 million of repositioning costs largely related to “efficiency efforts,” Mason said.
In total, the bank has incurred about $1 billion in restructuring costs over the last two quarters, Mason said.
He added that Citi will continue to invest in its tech modernization “to ensure we continue to get it right.”
The CFO also noted Citi executives expect the lender’s capital requirements to drop over time based on the reorganization and the benefits envisioned with Citi’s transformation.
Citi reported net income of $3.4 billion for the quarter, on revenues of $21.1 billion, according to an earnings release.
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Also Read: A Massive US Bank Now Closes More Branches in Ohio
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