JPMorgan Chase CEO, Jamie Dimon, implemented a policy for direct approval of branch closures after competitor boasting about gaining JPMorgan's leases and customers.

JPMorgan Chase CEO, Jamie Dimon, stated that no branch has closed without his direct approval after hearing a competitor boast about taking over JPMorgan's leases and customers. This decision was made in response to Vernon Hill, founder of Commerce Bank, bragging about taking on JPMorgan's branch leases during a previous conference. Dimon wanted to ensure that the bank did not lose more customers to competitors.

May 30, 2024
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