NEW YORK -- JPMorgan Chase is temporarily closing 1,000 branches, about 20% of its locations, the company confirmed to ABC News.
This is the first example of a big US bank shutting some of its doors due to the outbreak. The closures do not include drive-up facilities.
According to a memo sent to staff, executives say they are closing about a fifth of its Chase branches to protect its staff and customers. The approximate 4,000 remaining branches will give some staff the option to work from home and reduce weekday hours -- which was put into effect Tuesday.
Staff will be paid for their regularly-scheduled hours, consumer banking head Thasunda Brown Duckett wrote in a memo sent to employees earlier in the day. Chase is also giving consumer bank staff and its operations teams two additional paid days of leave this year to reflect the challenging circumstances.
"I really want to emphasize that Chase is open for business in everyone of markets, with bankers in our branches ready to help customers across our entire footprint," a spokesman said. "Our temporarily smaller footprint will allow us to provide appropriate coverage in every market we serve so we can continue to serve our clients with the services they need."
Coronavirus: JPMorgan Chase to temporarily close 1,000 branches amid COVID-19 outbreak