JPMorgan Chase adds 500 branches and 3,500 employees
JPMorgan Chase & Co. said Tuesday that the largest U.S. bank will add 500 branches and 3,500 employees by 2027 to combat a trend of layoffs and bank closures.
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It said it would renovate 1,700 branches and add 500 more, including new markets.
Plans include three new community center locations in Columbus, Ohio; New York boroughs of the Bronx and Brooklyn.
Chase plans to expand its presence in Boston, Charlotte, North Carolina, Washington, Minneapolis and Philadelphia.
Chase is the only bank that already has branches in all of the lower 48 states.
The bank’s latest branch expansion move comes after it opened more than 650 new branches over the past five years. The company added that all First Republic branches acquired by the bank last year will be converted to Chase branches or JPMorgan wealth management centers.
“Once this expansion is complete, Chase will add more than 1,100 branches and hire more than 10,500 associates to its consumer banking team starting in 2018, significantly improving the customer experience,” the bank said.
JPMorgan Chase had 309,926 total corporate employees as of December 31. This is an increase from 308,669 at the end of the third quarter and 300,066 at the end of the second quarter.
Nationally, the number of branches of FDIC-insured banks declined from 99,550 in 2009 to 79,186 in 2022, according to the National Bureau of Economic Research.
Overall, branch density has decreased from a density of 20 branches per $1 billion in deposits in 2010 to 9.2 branches per $1 billion in deposits in 2022, NBER said.
Shares of JPMorgan Chase are up 2.8% so far in 2024, while the S&P 500 SPX is up 3.6%..
