JP Morgan Chase Says Its Running Out Of Branches To Close

It says JP Morgan Chase is running out of branches that it wants to close. The America’s largest bank has already optimized much of its branch network, leaving it with less and less accredited opportunities to consolidate, Marion Lake, the co CEO of Morgan’s consumer and community banking unit, said Tuesday at a Goldman Sachs conference. The update comes years after years of regular branch closings by Morgan, its big bank counterparts, and various regional banks.

As consumer and commercial customers adopted online banking and financial institutions searched for ways to control expenses. In recent years, banks embraced bank consolidation. A decline in branch visits during the 19 pan can’t say it and a number of I can say it COVID-19 pandemic, gosh dang it. And a number of major bank mergers in 2021 and 2022 sped up the consolidation process. The number of bank branches in the US fell to 79,000 at the end of 2022, according to SP Global Market Intelligence data.

That was down from about 100,000 branch locations in 2009, the last year on record when the total number of branches increased. So to think that the number of branches has fallen by 80% now, what’s really blowing me away is when we’re dealing with bank consolidation, that’s what’s really important for people to realize. When banks like JPMorgan buy other banks that are closing, that are being taken over by the FDIC, they come through and they close a bunch of their branches as well.

It seems like this is where we’re going time after time or year after year, there will be less and less banks. It will be harder for you to go and talk to a human being and get cash out because cash will be made illegal in the future. It’s crazy how this stuff just sneaks up on the public. They never really realize it until it’s too late. It’s like all of the people, how many of you type? I did.

If you’re one of those people that warned someone, hey, you can’t just go down and get a bunch of money out of the bank anymore. They won’t let you. And they looked at you or told you you’re nuts. You’re a conspiracy theorist. Only for them to come back later and go, oh my gosh, you’re right. I tried to pull ten grand out and I couldn’t. It’s really interesting how these capital controls, these controls just slowly get into the banking system and there’s less and less ability for you to have freedom when it comes to your know, there’s more and more government controls.

They’re watching everything you do and it’s very scary. Thank you. So ob ox. What? Sorry for the like comment, it says here, but JPMorgan is one of a large handful of large banks where the branch count has increased in recent years, ticking up from 4800 branches in September of 21 to 48 63. Oh, wow, big number. So it says from 4854 in 2021 to 48 63. So you got yourself a solid nine.

That’s not even newsworthy. And the truth is, the reason why they’ve got more branches is because they’ve been buying up by other banks that are failing. All right. Despite their short operating histories, the branches added. JPMorgan’s network between 2017 and 2023 have delivered about 85 billion deposits so far. Well, that’s really easy to show because JPMorgan has this massive system of money market funds. So they were one of the biggest beneficiaries from all these people in the small banks taking their money out and putting it into their big bank so that they can get more yield.

In 2019, JPMorgan said it would open up 90 branches in several cities that it first entered the previous year. Charlote, I’m not going to read all that crap. JPMorgan’s sorry. I don’t want to bother you with all this crap. JPMorgan’s branch openings in attractive markets are among several key investments for the bank. Oh, it’s just making them look better. I don’t like Morgan, but do I have a bank there? Yes.

Why? Because they’re a large international bank. Super easy to do wires internationally and domestically, the domestic wires I can do from online. So I’ve got them as a bank, right? I’ve got lots of banks. I just don’t like banks, period. Yeah, I just don’t like banks, period. But they’re necessary in this day and time. It shows here the bank closed 21 former First Republic branches, like I was saying earlier, after acquiring parts of the failed bank this spring, and additional closings are expected to follow, JPMorgan said in September.

The first Republic locations closed so far represent about a quarter of the 84 branches that First Republic operated before its downfall. Real quick, I want to say, because people ask me all the time, what banks do you have? I’ve got small regional banks, I’ve got credit unions, I got large banks. One of them is Chase. With Chase being the largest bank in the nation, I feel pretty darn safe there.

But again, I don’t keep over the maximum amount that’s insured by FDIC. So people ask me that all the time. I can tell you right now, just personally, I do not like Wells Fargo for all the lying and spoofing they’ve done about accounts. I do not like bank of America for a handful of reasons. I banked them a long time ago when I was investing in a lot of real estate.

Really back in the early two thousand s. I don’t like either of them. Let me know what banks you guys like. But that’s the bummer is the banking system has such a control over everybody and it is what it is. But I hate that term. That’s why the poorer people get, our nation gets, the easier it is to manipulate the people in our country. And that’s why I’m trying to stop it.

And we have to get into a mode where we’re out of debt, we’re not relying on these banks, and then we’re getting the wealth back to the nation. We’re owning things, we’re owning land, we’re owning real estate. I think that’s the most important thing that we can set our sights on in this next few years because I believe this next few years is going to be really bumpy.

But with that being said, if you try way, you don’t got to try too hard and you can really make some gains when it comes to financial gains. So hope you guys got something out of this. Thank you so much for watching. The economic ninja is out. It’s going to work. .