JPMorgan Chase to Temporarily Close 1,000 Branches

By Anna Breuer on 19 March 2020
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JPMorgan Chase said it plans to temporarily shutter 20% of its branches across the country in an attempt to protect employees and customers as well as stem the spread of the coronavirus.

The news came in a memorandum to employees from Thasunda Duckett, CEO of Chase Consumer Banking.

“This will help us protect our employees as we provide essential services to our customers and the communities we serve,” the bank said in a statement.

The nation’s largest bank, which has over 5,000 branches, will be the first financial institution to partially close branches as a result of the outbreak. The bank will pay employees for their regularly scheduled hours even if the actual time is reduced or the branch is closed.

The remaining 4,000 branches will reduce hours of operation, the memo said.  Many of those branches have glass partitions at teller stations to separate customers from employees.

To lower the number of workers at any given branch, non-teller employees at branches including financial advisors and bankers focusing on small business or home lending will begin to telecommute starting Thursday.

JPMorgan is also taking steps to clean branches more frequently and has a specialized cleaning team it can dispatch to a branch if someone reports a “confirmed or highly likely COVID-19 case.”

(Photo: Accura Media Group)

Accura News

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