JP Morgan Chase has unveiled plans to eliminate hundreds of retail branches and some 100 billion US dollar in deposits, according to a presentation ahead of an investor day. It also announced nearly 5 billion dollar in cost cuts in the next three years. The move comes as large banks continue to face major challenges from regulators that have resulted in large legal settlements and raised the cost of riskier business lines. JP Morgan said the rise of digital banking permits it to cut its physical footprint, enabling fewer retail locations and smaller staffs at those that remain. The bank will cut its branch count by about 300 through the end of 2016.