JPMorgan Chase to open more than 500 new branches in the next 3 years
(CNN) — JPMorgan Chase announced a multi-billion dollar effort to grow its physical footprint on Tuesday.
The bank, which already boasts the largest number of branches compared to its competitors in the United States, said it would open more than 500 new Chase branches and hire 3,500 employees in the next three years. JPMorgan said it plans to expand its footprint in cities like Boston, Minneapolis, and Charlotte, North Carolina. The firm also plans to enter several new markets, including rural communities with fewer traditional banking options.
JPMorgan said it also plans to renovate roughly 1,700 existing locations.
“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,” said Marianne Lake, JPMorgan’s CEO of consumer & community banking, in a statement.
Even before Tuesday’s announcement, JPMorgan had the largest branch presence of any major US bank and the company said it is the only bank to have branches in all lower 48 US states.
Wells Fargo and Bank of America trail in second and third place, according to data from Bankrate.
JPMorgan said it has already added more than 650 branches in the last five years.
Even amid the rise of mobile banking and online-only banks, JPMorgan has said investing in brick-and-mortar banking hubs has paid dividends for the company.
Physical branches are part of JPMorgan’s strategy to drive “engagement and customer loyalty,” Jeremy Barnum, JPMorgan’s chief financial officer, said on the company’s third-quarter earnings call in October.
As part of its Tuesday announcement, JPMorgan also said it would introduce more than 20 “J.P. Morgan” branches, its higher-end offering for more affluent customers, across the country.
The first two new “J.P. Morgan” locations, in New York City’s Columbus Circle and Pine Street in San Francisco, will open this year.
Most of the new “J.P. Morgan” branches were previously First Republic branches, JPMorgan said. JPMorgan purchased most of First Republic Bank in May after it joined a string of regional bank failures in the spring of 2023.
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