JPMorgan Chase intends to open 500 new branches in the next three years

JPMorgan Chase recently shared plans to expand the number of its branches, intending to open as many as 500 new ones over the next three years. The move comes as part of the multi-billion dollar investment in its network.

JPMorgan Chase to add 500 branches and renovate 1,700

While JPMorgan Chase already stands as the largest branch network in the United States, this move will allow it to expand to a number of new markets. The bank seems to be targeting multiple low-to-moderate income and rural communities.

But, the move will also allow it to further expand its footprint in locations where it currently has low presence, including the Greater Washington region, Philadelphia, Charlotte, Minneapolis, and Boston.

At this time, the bank’s network consists of around 5,000 branches, and apart from adding 500 new ones to this number, JPMorgan also revealed plans to renovate 1,700 locations. It will also create 3,500 new jobs by 2027.

The move to open 500 new branches does come as a surprise, given that many other major banks have been shutting down their own branches and reducing their networks. Not because their businesses are failing, but because their customers have started choosing digital banking over visiting physical branches in overwhelming numbers, to the point where physical branches have started seeing barely any traffic.

Customers have been rapidly switching to banking apps, money transfer services, and even cryptocurrencies. With a situation like that, Chase’s decision to add new branches does come as an unexpected turn of events. Furthermore, it is worth noting that the bank has already added 650 new branches to its network, including 400 locations in 25 new states, all over the past five years.

Chase branches to emerge where they are most needed

Chase Consumer Banking’s CEO, Jennifer Roberts, commented on the bank’s decisions, stating that around 900,000 people walk into Chase branches every day for various reasons, whether to cash a check, make deposits, or speak to one of its experts about making certain financial decisions that will 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,” Roberts said.

Moving forward, JPMorgan Chase also intends to further expand its community center branches, which is something that it has already started working on. In addition, it will hire new community managers, who would focus on improving the financial health of the bank’s customers.

These branches are specifically targeting communities that have experienced historical barriers when it comes to accessing banking, typically involving urban areas with larger Hispanic, Latino, and Black populations.