[Asia Economy Reporter Kwon Jae-hee] JP Morgan Chase is reportedly in discussions about installing ATMs inside U.S. Postal Service (USPS) branches.
According to Bloomberg and other sources on the 19th (local time), JP Morgan Chase is said to be discussing a plan to install its ATMs in collaboration with the USPS, which operates branches nationwide.
Tricia Wexley, a spokesperson for JP Morgan Chase, stated, "We had conversations a few months ago about leasing some space inside post offices to install ATMs. This is a very early-stage discussion aimed at providing better financial services in historically underserved areas, and no concrete plans have been made yet."
This came to light amid a detailed investigation of the USPS, which operates over 31,000 branches nationwide. Postmaster Louis DeJoy is scheduled to testify before the House Oversight Committee on the 24th. Known as a Trump supporter, DeJoy has taken measures since his appointment in May to cut costs, including eliminating overtime and removing high-speed mail sorting machines. Because of this, there are suspicions that DeJoy deliberately took these actions to support President Trump, who opposes mail-in voting.
JP Morgan Chase has been strengthening its consumer finance sector, including home and auto loans and credit cards. The discussions with USPS are in line with this strategy. In particular, JP Morgan Chase has expanded its consumer finance sector to the largest extent in over a decade by opening hundreds of branches in new states over the past two years to attract customers and boost lending.
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