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JPMorgan Leads Banks’ Flight from Poor Neighborhoods

Wednesday, March 6, 2019
Michelle Davis | Bloomberg
Scott Astrada

Aberdeen, Washington, is a far Northwest outpost of JPMorgan Chase & Co., with one lonely branch perched near the Pacific, 2,900 miles from Wall Street.

Now the bank is planning to depart the rainy timber town that gave the world Kurt Cobain. The next-closest Chase branch is 40 miles away.

At the same time, JPMorgan plans to open 70 branches in the vicinity of the other Washington -- the wealthy national capital. Among the new locations is suburban McLean, Virginia, the 25th richest town in the U.S.