Squaring the Circle

Why would JPMorgan Chase spend billions of dollars expanding its branch network while in the UK every retail bank is closing bank branches? Why would the Bank of Ireland invest heavily in new ATMs and refurbished branches while the UK looks at hubs and pods to serve their customers?

The UK brings in access to cash legislation. While there are clear signs of investment and action, the banks race to close branches at a frenetic pace. Is the criticism of the legislation as being too slow, too late and ineffective justified?

America

JPMorgan Chase has just announced that it will open 500 new branches over the next three years as part of a multi-billion dollar investment in its network. The scope of the investment is huge – renovating 1,700 existing branches, about a third of the total, and hiring an additional 3,500 staff by 2027.