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
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