J.P. Morgan Chase is “temporarily” closing 1000 bank branches, or 20% of its locations, effective Thursday amid growing coronavirus concerns.
The company said it will still have branches with drive-up windows open for business.
Chase has sent non-teller bank staff from the branches, like financial advisors and lenders, to work from home.
The remaining 4,000 branches of Chase will stay open, albeit with reduced hours, 9:30 a.m. – 4 p.m., closing early by two hours. Chase says these branches have glass partitions and thus, protection for tellers.
In a note to staff, Thasunda Brown Duckett, CEO of Chase Consumer Banking, said Chase will continue to pay branch employees for their regularly-scheduled hours. “Even if their hours are reduced or the branch is closed and they are asked to report to another branch or stay home.”
Additionally, she added that Chase has said two additional paid days away from work and extended the time that employees may carry over vacation days from 2019 to June 20, 2020.
Brown Duckett said Chase has stepped up cleaning at branches, placing alcohol-based hand sanitizer at main entrances, transaction lines and reception areas. “We will send a team of specialized cleaners if a branch has a confirmed or highly likely COVID-19 case within one hour of the report.”
Bank of America said it would remain open. BofA has 4,300 locations, “and each one also has a 24/7 ATM available to clients,” notes spokesman William Halldin.
According to S&P Global Market Intelligence, Chase is the largest U.S. bank, based on assets, with $2.74 trillion, followed by BofA with $2.38 trillion, Citigroup with $1.96 trillion and Wells Fargo with $1.89 trillion.
USA Today has also reached out to Wells Fargo and Citigroup.
This is a developing story.