JPMorgan Chase is set to shutter three branches in Baton Rouge, Louisiana as part of its consolidation strategy.

The affected branches are located in Sherwood Forest Boulevard, Goodwood Boulevard, and in the Albertsons supermarket on Jones Creek Road. The consolidations will occur in October this year.

The bank has 120 branches in Louisiana and 30 branches in Baton Rouge.

At the same time, the lender also plans to set up one new branch in the area next year. The bank has not provided additional details on the new branch.

JPMorgan Chase regional director for branches in Louisiana Greg Fahey said: “Our commitment to Baton Rouge and Louisiana is very strong.

“We’re closing branches where they are clustered too closely together. For instance, we’ll still have two branches in the Sherwood corridor. We are looking for new branch sites in Baton Rouge that will have the very latest branch design and state-of-the-art banking technology.”

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In January 2018, JPMorgan Chase unveiled plans to invest $20bn in five years to drive growth in the US. This was followed by its announcement to open up to 70 new branches in the Greater Washington, D.C. area.