JPMorgan Chase is opening 500 bank branches in the next 3 years
JPMorgan Chase shared on Tuesday that it’s planning to expand its footprint across the U.S. by opening over 500 U.S. locations and hiring 3,500 employees across the country within the next three years.
In addition, the plan includes renovations for nearly 1,700 existing branches, as well as to close 30 out of 60 First Republic Bank branches acquired by JPMorgan last year, according to Reuters.
The company, per CNN, is attempting to enter into new markets that include more rural communities with fewer amounts of traditional banking options.
Which locations are getting new and improved banks?
According to the company’s statement, a partial list of cities getting new locations includes:
Boston, Massachusetts.
Charlotte, North Carolina.
Minneapolis, Minnesota.
Philadelphia, Pennsylvania.
Washington, D.C.
Forbes added that three new community center branches will open in Brooklyn and the Bronx, New York, and in Columbus, Ohio, increasing the total amount of these specific branches to 19.
Additionally, more than 20 locations targeted to “affluent” customers will open in areas like San Francisco and New York — the majority of which were previously owned by First Republic.
What have JPMorgan executives said?
Marianne Lake, CEO of consumer and community banking shared in JPMorgan’s statement, “When we open a branch, we’re not only investing in the financial health of residents, we’re committed to the health and vitality of the entire community.”
She added, “We work with government and community leaders to help drive sustainable impact. We provide local expertise and support through our branches; we lend to local businesses of all sizes, create jobs and long-term careers, and finance vital amenities that are the cornerstone of healthy neighborhoods such as hospitals, schools, transportation and grocery stores.”
The CEO of Chase consumer banking, Jennifer Roberts, also stated, “Every day approximately 900,000 people walk into a Chase branch to cash a check, make a deposit or speak to one of our experts about an important financial decision that could impact their lives.”
Roberts expressed that the investment is to “continue to have branch locations that reflect the unique needs of the communities.”
Details about JPMorgan’s success
JPMorgan, according to its statement, “serves nearly 80 million consumers and nearly 6 million small businesses” with roughly $3.9 trillion in assets. Customers can access the bank from more than 4,700 branches and 15,000 ATMs — along with its mobile phone and online applications.
This news has not changed much from JPMorgan’s continuing development, as the bank has added 650 new branches in the last five years, per Reuters.
Prior to the announcement, CNN reported that JPMorgan had the largest presence of any major U.S. bank — and it’s the only one to have branches in all of the lower 48 states. In comparison, Wells Fargo and Bank of America trail second and third, respectively, in the amount of branches.
The company, according to Reuters, compared to its U.S. competitors last December, also has the highest amount of bank employees globally at just under 310,000 employees.
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