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-- cutting nearly 4000.
Jobs but expanding the number of branches by about 100 locations each year.
Melissa Francis is in Austin, Texas with a man in charge of all of JPMorgan.
-- -- -- That's right hey -- yes.
I'm -- -- entities the national manager of consumer banking thanks so much for coming on the show thank you for having.
See you are out on the bus -- going to bridge branch talking to the troops down here rallying -- it's gotta be a little tougher in the face of the news that came out earlier this week that you were gonna lay folks off 191000 across the board I think 4000 in branches.
Is every -- -- -- taking that news as it had you reconcile those things.
Well we've been now on the bus tour as you mentioned that it's actually been great we've got great feedback from our employees.
And for us yeah we've got a number out there of 171000.
Folks who are.
Would have reduced some headcount -- And 4000 in the consumer bank -- those will be all through attrition.
And the others are going to be in the mortgage banking side where defaults are down which obviously is good news for -- and for the economy and we do a great job try to redeploy those folks.
When you look at the overall picture -- -- guys are opening hundred branches a year across the country at the same time they're trying to reduce -- -- what does that mean about what's going on inside the branch.
Well inside the branch we've got some great people we continue to think that our branches are competitive advantage for us.
As you know in this business for many many years transactions have been down for us about 16% over the last two years.
And so as we think about it as good business owners wanna make sure that we staff are.
Our branches appropriately and efficiently and it's really been the same trend -- -- for for many years now.
But with that so many people turning to mobile banking where you are a leader across the industry does it make sense to keep opening branches and in -- need physical locations.
When so many people are going online -- so many people are using mobile banking that's a question we get a lot for us we've done a lot of research about it.
What -- folks are young or old they really want to talk to somebody in a branch -- -- into account.
And so for -- he feels very important that our distribution is there.
And quite frankly as they get up further in their life cycle and half for the financial needs they want to be able talk to somebody about mortgage banking business banking investments.
And so that's a place for -- -- it would do that cost reflect it.
One thing -- analysts are always worried about when it comes to chase is the idea that so much revenue has disappeared from overdraft fees from debit -- -- How do you replaced back.
-- -- about deepening relationships with our customers -- we understand that our customers have voted with their -- to do banking with us.
And so being able to -- them the other products that I just mentioned mortgage banking investments in those types of things if we can deepen the relationship by creating a great customer experience.
That's something we want to do and if it.
If customers like us the wanna do more business where looks so getting all their business as part of a push behind opening more branch and it's absolutely.
A lot of the focus in terms of expanding was on California and Florida through the one -- acquisition now it seems like you're moving in other directions what's the target right now in terms have reached in markets -- -- wanna penetrate.
As you mentioned California Florida have been great growth markets force they will actually continue to beat out for us.
And we're gonna take a look at the other states that we have we're -- 21 other states across the country.
-- -- in fill in those places where we think we can.
We can really grow the business of providing great service to our customers what's the mood like -- here I mean as you go out you talk to people whether its customers -- Your tellers and how to people feel about the economy.
What's going on -- now.
Well as you know we've been -- -- bus -- we've stopped an employee senators we've had actually employees on the Boston and -- we're asking them to give us feedback and quite frankly it's been amazing.
In Texas would that 675.
Opt for the firm here in this state and economy worried about the sequestered they're not worried about all these things that everybody's worried about.
People really worried about what's happening to them and their data daylight end we're providing some great solutions for them and I think we're -- okay.
PM on money.
The man himself Jamie Dimon sits down for an exclusive in.
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