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Payments News » Big Banks J.P. Morgan, Wells Fargo, and Bank of America Are Pulling Out of Lower-Income Neighborhoods

“Big banks have been closing branches in lower-income areas and shifting more of their attention to wealthier ones, according to a new report from Bloomberg. Overall, there’s been a trend among the biggest banks—specifically J.P. Morgan ChaseWells Fargo, and Bank of America—to reduce their branch networks. Relying on ATMs and online banking is less expensive. According to S&P Global data analyzed by Bloomberg, banks have shut 1,915 more branches in lower-income areas than they opened between 2014 and 2018, with J.P. Morgan, Wells Fargo, and Bank of America at the front of the trend.”

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