Order Reprints…June 23, 2020A yr after JPMorgan Chase opened a 12,500-square-foot department on Madison Avenue, the 1,714 branches for Chase and different banks that anchor business corridors across the metropolis are trying out of date following three months of stay-at-home orders, Crain’s New York Enterprise reported.
Morgan Stanley analysts stated in a report Monday that Wells Fargo, the nation’s largest retail bank with 5,300 areas nationwide, may shut 10% of its branches. Different large retail banks may do the identical, together with Chase, which has 367 branches citywide.
Though previous rumors of branches’ demise have been exaggerated, Crain’s reported the rationale for branches is getting more durable now that locked-down prospects have completed banking completely by way of digital service channels.
Furthermore, banks may additionally give again Manhattan workplace area, Crain’s reported. On an April convention name, State Street CEO Ron O’Hanley stated that with distant working having confirmed profitable, “you’ll see us having less space than we do today.”
Learn extra at Crain’s New York
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Tags: COVID-19, Lease, Workplace, Retailcovid-19 lease workplace retailmidtown-new-york new-york-news top-nyLockdowns Lead Banks to Contemplate Trimming Branches and Workplace SpacePaul Bubny