American banking giant JPMorgan Chase has decided to temporarily close over 1,000 bank branches in the US in the wake of the coronavirus (Covid-19) global pandemic.
Most of the remaining branches have tellers behind glass to further protect the customer-facing staffs that are required to work from the office.
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JPMorgan did not disclose the location of the branches they intend to shut.
The bank said: “We are planning to temporarily close about 20% of our branches.
“This will help us protect our employees as we provide essential services to our customers and the communities we serve.”
As part of this move, the non-teller staff such as financial advisers and mortgage bankers will work from home starting today, the report added.
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By GlobalDataNo other major banking group in the US has gone for broad closures of branches.
Recently, JPMorgan asked its employees globally to work from home.
Apart from branch closures, JPMorgan will also reduce the working hours to 9:30 am to 4 pm at the branches that stay open.
Nevertheless, the employees will continue to be paid in full, the bank said.
JPMorgan will also sanitise the branches and will send a specialised cleaning team to branches where the bank suspects a potential Covid-19 case.
JPMorgan currently operates in 60 countries and had 256,981 employees as of 2019.
The Covid-19 pandemic has so far claimed 8,809 lives and infected approximately 218,000 people worldwide.
JPMorgan Philanthropic Investment
The US banking giant has also committed a $50m philanthropic investment to help address the immediate and long-term impacts of COVID-19.
The funds are specifically meant to help the communities and people impacted heavily by the public health crisis.
JPMorgan corporate responsibility chairman and head Peter Scher said: “We are mobilising the firm’s resources to support customers, employees and communities—especially the most vulnerable—in this time of crisis.
“We are making immediate investments to help those most affected by humanitarian challenges and looking into sustainable and innovative solutions to help small businesses and underserved communities recover when the crisis subsides.”
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