In the following video, Motley Fool financial analysts David Hanson and Matt Koppenheffer look at JPMorgan's (NYSE:JPM) cutting of 4,000 jobs from its retail branches as part of a larger trend. While the move in and of itself isn't all that significant, it represents a shift that many banks are pursuing -- a move to reduce the number of branches and shift into more electronic banking. While this may reduce the number of depositors, larger banks such as JPMorgan, Bank of America (NYSE:BAC), and Wells Fargo (NYSE:WFC) may be shifting strategically away from depositor quantity, and toward quality, with moves to build stronger relationships with their wealthier account holders.
David Hanson has no position in any stocks mentioned. Matt Koppenheffer owns shares of Bank of America. The Motley Fool recommends Wells Fargo. The Motley Fool owns shares of Bank of America, JPMorgan Chase, and Wells Fargo. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.