JPMorgan Chase to shut down 300 branches

JPMorgan Chase is planning to close about 300 branches by the end of 2016.

JPMorgan Chase to shut down 300 branches

JPMorgan Chase is planning to close about 300 branches by the end of 2016, or about 5% of its total footprint to reduce costs amidst rising adoption of digital banking.

The US-based lender said that the move comes as it aims to shift the focus of its retail banks from everyday transactions like tellers to advisory services.

The closures form part of the lender’s $1.4bn cost-cutting plan which was announced this year. The bank did not specify the locations of the branches to be closed.

In addition, JPMorgan Chase said that it will continue to shrink workforce in its branch network.

The bank had 5,602 branches at the end of 2014.