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, based on a new report from Bloomberg. Overall, there’s been a trend among the biggest banks—specifically J.P. Morgan Chase, Wells Fargo, and Bank of America—to reducing their branch networks. Relying on ATMs and online banking is less expensive. But the banks are reportedly closing branches faster in lower-income areas than wealthier ones.”