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JP Morgan Scales Back Branches, HQ Offices

NEW YORK CITY-The bank reveals an end to branch development while mulling a corporate relocation from Manhattan to Brooklyn.

By Rayna Katz | Updated on February 26, 2014

NEW YORK CITY-JP Morgan Chase & Co. has taken a dramatic cost cutting measure concerning branch development and reportedly is considering relocation of its headquarter offices from Manhattan to Brooklyn—which also would lower the bank’s expenses.

Chase officials said Tuesday they are going to stop adding branches as more customers bank online, according to Crain’s New York Business. The bank will rest at 5,600 branches nationwide, and these outposts will have 20% fewer staffers by 2015 than they did in 2011. Staffing at the new branches will shrink to six from nine and the number of tellers from four to two.

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