Chase Bank set to close nine more locations this year after CEO said they’re 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.

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. 

CLOSURES

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 be one closure in Lafayette, Indiana.

PLAN OF ACTION

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. 

Marianne Lake, co-CEO of JPMorgan's consumer and community banking unitGoldman Sachs conference

“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.”

The U.S. Sun has reached out to Chase for comment on the matter.