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JPMorgan Chase to open 500 new branches

JPMorgan Chase to open 500 new branches

JPMorgan Chase will open 500 new branches over the next three years as part of a multi-billion dollar investment in its network.

Chase, which already has the largest branch network in the US, will enter several new markets - including low-to-moderate income and rural communities - and will continue expanding its footprint in locations like Boston, Charlotte, the Greater Washington region, Minneapolis, and Philadelphia.

In addition, it will renovate around 1700 of its existing 5000 branches and hire 3500 employees by 2027.

While many banks have been cutting their networks as customers go digital, Chase has added 650 branches, including 400 locations in 25 new states, over the last five years.

Jennifer Roberts, CEO, Chase Consumer Banking, says: "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.

"This investment means we can continue to have branch locations that reflect the unique needs of the communities we aspire to serve today, tomorrow and for many years to come."

The bank is also expanding its community centre branches and hiring community managers who are focused on helping residents improve their financial health. These branches are located in communities that have faced historical barriers to banking, often urban areas with larger Black, Hispanic and Latino populations.

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