Why big banks are pulling back from lower-income areas

JPMorgan Chase is increasingly shrinking its presence in low-income areas. Even as JPMorgan plans to open 70 new locations around the largely wealthy Washington, D.C. area, the bank is pulling back in less affluent neighborhoods, Crain’s reported. A year ago, the bank said it plans to spend billions to open 400 branches and boost lending in a national expansion. So far, JPMorgan has applied to open 185 new branches, with 71 percent of them in […]

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