Branch consolidation was even more pronounced among the 10 largest banking institutions, shrinking by 3.3% last year.
Banks are spending heavily on developing their digital offerings as consumer habits evolve. It’s also been an important avenue for managing costs.
The back story. In all, there were 87,692 branches in 2019, down about 2% from 89,464 the previous year, according to JLL, which specializes in real estate and investment management. JPMorgan Chase had 5,036 branches as of Dec. 31, down nearly 2% from 5,130 a year earlier. Bank of America had 4,341 branches at the end of 2018, versus 4,470 a year earlier, according to FactSet. That’s a decline of nearly 3%.Editor's Choice var mobBreakpoint=661; addMobClassToRelatedInset; whenAvailable { $.resize { addMobClassToRelatedInset; }); function defer { if !==null) { method; } else { setTimeout { defer }, 100); } } defer { var curr_article_SBID=document.querySelector.
He added that the firm has trimmed its network carefully, “so if there may have been three branches in a two-block radius, we might go down to two.”
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