‘It’s not old news’: Chase prioritizes better, fewer physical branches

Despite a significant uptake in mobile banking, people are still interested in branches — and while that theme might seem a little tired, it’s still very much still a high priority for JPMorgan Chase.

“Branches still matter — 75 percent of our growth in deposits came from customers that have been using our branches,” chief financial officer Marianne Lake said Thursday morning on the bank’s third-quarter earnings call. “On average, a customer comes into our branches multiple times in a quarter. I know it all sounds like old news, but it’s still current news.”

That doesn’t mean more branches. Chase reported a 5,174 branch count, a three percent decline from the same quarter last year, and that’ll continue. Chase is “continuing to consolidate, close, move, grow, change all of our branches in line with the opportunity in the market,” Lake said.

Read the full story on Tearsheet.co

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