SNL Financial Reports That JPMorgan Is the Latest Big Bank to Initiate Branch Cutting Program

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According to a new report from SNL Financial, JPMorgan Chase is the latest big U.S. bank to announce hundreds of planned branch closures as part of a new program to rein in company wide operating expenses.

SNL Financial, banks, JPMorgan, big banks

JPMorgan Chase & Co. US branch openings and closings

JPMorgan Chase & Co. became the most recent big U.S. bank to announce a multiyear, multibillion dollar, expense cutting program that involves trimming its branch network.

The company announced plans to reduce expenses by $2.8 billion by 2017, including axing approximately 300 branches in the next 22 months.

Bank of America Corp. implemented "Project New BAC" in 2011, a cost savings program that involved heavy branch cuts. Since the program was initiated, the company has reduced its branch count from over 6,000 branches to 4,891, adjusted for any openings and closings, and announced mergers and acquisitions as of Feb. 24.

Citigroup Inc. also recently began reducing its branch footprint, which is already very small compared to the other large institutions with only 894 U.S. branches, adjusted for any openings and closings and announced mergers and acquisitions, as of Feb. 24. In 2014, the company struck 2 deals with BB&T Corp. to sell over 60 branches in Texas and rumors were swirling last year that the company was looking for a buyer for a handful of it California and Nevada branches.

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Christina Twomey
SNL Financial
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