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Chase to close 5% of bank branches

JPMorgan Chase plans to close 300 bank branches over the next two years, about 5 percent of the total, as more customers move online and the bank seeks to cut costs. The closures are part of a $1.4 billion cost-cutting plan the bank announced for this year. The latest developments were revealed during the bank’s annual investor day conference Tuesday. Online and mobile banking have become increasingly popular, and that trend is expected to continue. The shift online has begun to make brick-and-mortar branches staffed full of tellers less necessary. Tellers handled only 42 percent of all bank deposits last year, according to JPMorgan, down from 90 percent in 2007. Along with ATM deposits, banks have introduced technology that only requires customers to take a picture of a check with a smartphone to make a deposit.