JP Morgan Chase, the nation’s largest bank by assets, is undergoing some major changes. It will close 300 branches by the end of 2016, that’s 5 percent of its total branches. It says bank tellers will continue to be replaced by mobile banking and more elaborate ATM machines. Chase will instead focus on more private offices and will increase marketing to its wealthier clients to drive them to its Private Client Division. JP Morgan Chase hopes to save $1.4 billion dollars in savings with these changes this year, with more savings in 2016. The bank is trading just below its 52 week high around $60 a share.
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