JPMorgan Chase is closing 20% of its branches and reducing staffing amid the coronavirus pandemic, but it will pay employees asked to stay home
- JPMorgan Chase will temporarily close around 20% of its branches amid the coronavirus pandemic.
- The bank will also reduce the number of employees working at the branches that remain open.
- Branches that remain open will emphasize drive-up or glass partitions to protect employees and customers, the bank said.
- Employees at the branches will be paid for their regularly-scheduled hours even if they're asked to stay at home, according to a company memo shared with Business Insider.
- Visit Business Insider's homepage for more stories.
JPMorgan Chase, the biggest bank in the United States, will temporarily close around 20% of its branches and reduce the number of employees at the ones that remain open, Business Insider has confirmed.
The bank is the first of the major US banks to announce widespread closures. The temporary measure will close around 1,000 of the bank's locations. CNBC first reported the branch closures.
Chase told employees in a memo shared with Business Insider that the bank will pay branch employees for their regularly-scheduled hours, even if their hours are reduced or if their branch is closed and they're asked to stay home.
Advisors at the bank's branches will also have the opportunity to work from home starting on Thursday, the bank said, further limiting the number of employees in each branch.
Around 4,000 branches will remain open, and their hours on weekdays will be cut to 9:30 a.m to 4 p.m.
The bank has also increased cleaning measures at its locations, including putting hand sanitizer at entrances. Chase told employees that it would send "a team of specialized cleaners if a branch has a confirmed or highly likely COVID-19 case within one hour of the report."
In a statement to Business Insider, Chase said that most of the branches that will remain open have drive-up or partition glass inside the branch to protect employees and customers. Chase said all communities will still be covered through the closures.
Capital One said it would close 120 locations due to the coronavirus epidemic, according to a report by CNBC.
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