JPMorgan's branches are "invaluable" to its so-called affluent customers, according to the presentation slides. The company said it may open 900 "potential" new branch buildings in 2012, especially in California, Florida and Atlanta.
"Branches are not that expensive relative to all the opportunity and the other expenses that we have in running this place, given our scale," Maclin said. "We would acknowledge with everybody else out there that it is entirely possible that they could go away one day. If they do, we will make a lot more money than we're making right now. Until they do, we're going to make sure we've got them so no one else can take our location."