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Lockdowns Lead Banks to Consider Trimming Branches and Office Space

A year after JPMorgan Chase opened a 12,500-square-foot branch on Madison Avenue, the 1,714 branches for Chase and other banks that anchor commercial corridors around the city are looking obsolete following three months of stay-at-home orders, Crain’s New York Business reported.

Morgan Stanley analysts said in a report Monday that Wells Fargo, the nation’s largest retail bank with 5,300 locations nationwide, could close 10% of its branches. Other big retail banks could do the same, including Chase, which has 367 branches citywide.

Although past rumors of branches’ demise have been exaggerated, Crain’s reported the rationale for branches is getting harder now that locked-down customers have done banking exclusively through digital service channels.

Moreover, banks may also give back Manhattan office space, Crain’s reported. On an April conference call, State Street CEO Ron O’Hanley said that with remote working having proven successful, “you’ll see us having less space than we do today.”

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Inside The Story

Read more at Crain’s New York

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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