Chase to temporarily close 1,000 branches over coronavirus concerns

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Chase to temporarily close 1,000 branches over coronavirus concerns

By Noah Manskar

March 19, 2020 | 8:41am | Updated

 

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JPMorgan Chase is closing about a fifth of its bank branches to help contain the spread of COVID-19.

The finance giant will shutter about 1,000 Chase bank locations temporarily, according to a memo sent to employees Wednesday. The roughly 4,000 other branches will reduce their operating hours starting Thursday.

The bank is trying to balance its need to protect employees with “the fact that we are essential to the communities we serve,” said Thasunda Duckett, CEO of Chase Consumer Banking. “We are doing everything we can to step up for our country, our customers and for all of you.”

Branch employees will get paid for their regular hours regardless of whether their locations are closed or running on reduced schedules, Chase said. The bank also gave workers two extra days off and relaxed its dress code so staffers can wear sneakers and T-shirts. Home-lending advisers, financial advisers and small-business bankers were due to start working from home on Thursday.

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