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Chase to close 20% of branches, maintain worker pay

Chase Bank told employees that it will temporarily close 20% of its bank branches due to the COVID-19 pandemic, but will continue to pay thousands of workers that it sends home, while others will be redeployed, leaving about 4,000 branches still open. 

Small business bankers, financial advisors and home loan advisors will continue to service customers remotely from their homes. 

"For the last several weeks, we’ve been planning for many different scenarios, and the scenarios keep changing," Thasunda Duckett, CEO of Chase Consumer Banking told employees in a memo sent today. "However, we are doing everything we can to step up for our country, our customers and for all of you."

Chase is making  one-time, special incentive accommodations for private client bankers, relationship bankers and personal bankers. For the months of March, April and May, these employees will get the larger of their calculated monthly incentive or the average of their prior three months incentive. 

The bank is reducing branch hours from 9:30 a.m. to 4 p.m. 

Cover image: iStock