Comment on Inside JPMorgan's big contrarian bet on brick-and-mortar bank branches (JPM)

JPMorgan Chase Banks are closing retail branches at a record pace, shuttering 1,700 in the 12 months that ended in June. But JPMorgan last month announced plans to expand its branch network, adding 400 locations in 15 to 20 new markets. The company recently promoted Pam Codispoti, the creator of the Chase Sapphire Reserve, to run its retail branch network. Seeking to make branches more appealing to millennials, she'll draw on her playbook that made the Sapphire Reserve such a success. That includes the launch of a new type of branch — smaller and more digitally connected — on Monday. Across the US, banks are closing branches at a heightened pace. The 1,700 branches shuttered in the 12 months that ended in June marked the largest decline on record, according to data from the Federal Deposit Insurance Corporation analyzed by The Wall Street Journal.See the rest of the story at Business InsiderNOW WATCH: Jim Chanos on the return of choppy markets, Tesla, and the 'rent-seeking behavior' that's hurting our economySee Also:Jamie Dimon isn't losing sleep over the stock market's biggest fearInside JPMorgan's big contrarian bet on brick-and-mortar bank branchesWe spoke with the creator of the Chase Sapphire Reserve about millennials, myths, and the other challenges she'll confront in her next job at JPMorganSEE ALSO: We spoke with the creator of the Chase Sapphire Reserve about millennials, myths, and the other challenges she'll confront in her next job at JPMorgan