Is Chase Bank going out of business in 2023?

Is Chase Bank going out of business? JPMorgan Chase has issued a warning to begin the year. The largest bank in the country posted a better-than-anticipated profit in the fourth quarter but increased the likelihood that a “mild recession” would start later this year. To be ready for the chance that more borrowers default on their loans, JPMorgan is setting aside more than $1 billion.

Recession talk is normal in business these days. But JPMorgan, whose size makes it a leading indicator of the American economy, has never mentioned one in an earnings report. The bank’s CEO, Jamie Dimon, is one of the more outgoing Wall Street figures. He avoided making any firm forecasts during a conference call with reporters.

Like most of the largest banks, JPMorgan is well-positioned to succeed in every scenario. In the most recent quarter, it made a profit of $11 billion, an increase of 6% from last year. Let us know about it further in this article.

Chase Bankb business model

JPMorgan Chase Bank, N.A. is also known as Chase Bank or Chase. It is a U.S. national bank with its main office in New York City. JPMorgan Chase is the commercial and consumer banking division of the country’s largest multinational banking and financial services holding corporation. Chase Manhattan Bank was the firm’s name up to its 2000 merger with J.P. Morgan & Co. In 1955, the Chase National Bank and the Manhattan Corporation merged to become the Chase Manhattan Bank.

In 2004, the bank merged with Bank One Corporation. In 2008, it bought Washington Mutual’s deposits and most of its assets. As of 2023, Chase had 18.5 million checking accounts and 25 million debit card users nationwide. It has more than 5,100 branches and 17,000 ATMs.

In 2022, JPMorgan Chase & Co. had assets of $3.31 trillion, making it the country’s largest bank and the one with the most branches. It has a presence throughout the entire United States. JPMorgan Chase is one of the Big Four American banks through its subsidiary, Chase.

How Chase Bank Performs?

Most people can choose a financial solution from Chase Bank that suits their needs. Yet, because of the low-interest rates, it is not a sensible choice if one wants to maximize their savings. For individuals who don’t want to charge for banking services, monthly service costs are also a problem, though most fees can be removed if one can fulfill particular monthly criteria.

Chase maintains a significant digital presence with its well-liked mobile app and online banking platform. Yet it continues to have a strong local presence for those who like in-person banking services. Chase is a good choice for any personal banking requirements if you can avoid the monthly fees.

What happened to Chase Banks now?

JPMorgan Chase is gradually cutting its physical presence in the Loop and surrounding areas. It’s because downtown Chicago’s uneven recovery from the epidemic persists. In the past year, four of Chase’s ten downtown offices have closed or are about to close. As mentioned earlier, Chase is the area’s central commercial and retail bank.

That only leaves six for a banking behemoth that, as of mid-2018, offered customers in the downtown area 13 locations. This is according to data from the Federal Deposit Insurance Corp.

Fifth Third Bank of Cincinnati and Bank of America of Charlotte have much larger local deposit bases than Chase. Now, they have more or equal numbers of downtown locations. In a document submitted to the U.S. Office of the Comptroller of the Currency, Chase announced the closure of its 55 E. Monroe St. site, its most recent Loop location. Chase informed the authorities of its plan to close that store.

According to the papers, Chase also closed its downtown locations at 2 N. LaSalle St., 850 S. Wabash Ave., and 340 E. Randolph St. Chase continues to have the most branches of any bank in the Chicago market.

Chase’s regional director, Mary Holmes, writes in an email that “in the Loop zip codes, we serve the needs of our clients with six branches and 44 ATMs. Thus, across Chicagoland, they have more than 300 locations. 

She continues, “Our goal is to have the proper branches in more communities, meeting our customers’ financial needs.” Their goal is to have fewer branches in Chicago, although they do so by a fair margin.

Like many of its rivals, Chase has dramatically reduced the size of its extensive branch network in the Chicago area over the past few years. This was to reduce costs and adapt to shifting consumer behavior. The bank continues to be dedicated to brick and mortar. They’re doing it by opening new branches in one of its most established markets.

Chase closed 13 locations in 2022, including the four downtown, while opening four new ones there. A Bucktown branch was opened at Damen and North Avenues, and a branch near Fulton Market was opened at Randolph and Morgan Streets.

Although cutting branches across the city and suburbs, Chase’s rivals have maintained their presence in business districts. As reported by the FDIC, there were 73 bank branches as of June 30 in the six zip codes that make up downtown Chicago.

CEO of JPMorgan Chase’s statement

The possibility of a U.S. downturn has grown due to the banking crisis. It was brought on by the recent failures of Silicon Valley Bank and Signature Bank. CEO of JPMorgan Chase, Jamie Dimon, made this statement in an exclusive interview with CNN’s Poppy Harlow.

In his first interview following the collapse of SVB, Dimon stated that while the banking system is solid and stable, the recent financial sector instability is “more weight on the scale.” So, that points towards recession.

“We are observing customers pulling back, cutting back, and reducing lending slightly.” Although it won’t “cause a recession,” he claimed the banking crisis “is recessionary,” he claimed.

According to Dimon, many storm clouds are brewing for the economy. The two biggest threats he sees to the economy are the Federal Reserve’s current tightening program and Russia’s conflict with Ukraine. Yet, Dimon claimed that he is upbeat about the potential of the country’s human capital.

The latest action of Chase

Atlanta’s Summerhill neighborhood has the first Community Centre branch in the entire city. Also, it is one of 16 worldwide. It was officially opened on April 6, 2023, by Chase executives and neighborhood allies.

The Summerhill Community Centre is situated at 9 Georgia Avenue Southeast, near the intersection of Hank Aaron Drive. It strives to increase access to banking services and tools. It provides guidance that directs clients toward financial health and resilience. The branch has a strong group of local financial health specialists. They are committed to community involvement, mentoring, and guidance. A modern design, a roomy layout, and the newest banking technology combine in this location to provide a unique look and feel that differs from “traditional” banks. Thus, it reflects how clients interact with Chase today.

All programming offered by Community Centre branches is free. It is available to both Chase customers and non-customers. This community-inspired bank concept is a component of the company’s $30 billion commitment to racial equity. It purely aims to reduce the wealth disparity between races.


Most of JPMorgan Chase’s essential signals, including the likelihood of bankruptcy, aid investors in looking for equities that are now trading for more or less than they are worth. If JPMorgan Chase Co.’s actual worth exceeds its market price, it is deemed cheap, and experts propose a purchase. If not, they provide a sell signal.

According to the most recent financial disclosure, JPMorgan Chase Co. has a 47.0% chance of filing for bankruptcy. This is much greater than the financial industry and 5.87% lower than the banking sector. All U.S. stocks have a bankruptcy chance that is 18.0% lower than the businesses.