JP Morgan Chase to open 500 new branches over next three years

credit: Shutterstock
credit: Shutterstock

One of the US’ largest banks, JP Morgan Chase, is expected to grow even further after revealing plans to open up 500 new branches across the country over the next three years. 

The multi-billion dollar project is projected to expand its presence across US cities such as Boston and Charlotte, as well as multiple new markets. JP Morgan Chase is especially looking to rural areas where underserved customers do not have access to traditional banking options. 

This is particularly so for community centre branches intended to be built in areas where historical financial barriers remain, such as black and latino populated areas, with JP Morgan Chase providing community managers to improve financial health. 

The bank also intends to create 3,500 new employees over the course of the next three years, as well as renovating 1,700 existing branches. 

Marianne Lake, JP Morgan CEO of Consumer & Community Banking, stated: “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.”

JP Morgan is currently the largest US bank in terms of branches, boasting over 5,000 across 48 states. The bank has continued to grow its branch presence despite brick-and-mortar banking services declining in use, opening 650 branches over the last five years. 

UK banks, such as NatWest and Barclays, have been slowing down their focus on brick-and-mortar banking facilities by continuing to close down branches as digital and mobile payments have become the predominant means of customers’ financial handlings. 

In a different approach, JP Morgan Chase has seen a rise in activity for its physical branches as the bank revealed that they have helped to drive “engagement and customer loyalty”. 

Jennifer Roberts, CEO of Chase Consumer Banking, added: “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.”

New York’s Columbus Circle and Pine Street in San Francisco will become the first to open up new JP Morgan banks this year.