Bank to open more than 500 branches and hire
3,500 employees by 2027
Chase today announced that it will open more than 500 new
branches, renovate approximately 1,700 locations and hire 3,500
employees over the next three years to provide greater access to
banking and bring affordable and convenient financial services to
more customers and communities across the country.
Chase will enter several new markets – including low-to-moderate
income and rural communities with little access to traditional
banking services – and will continue expanding its footprint in
locations like Boston, MA, Charlotte, NC, the Greater Washington
region, Minneapolis, MN, and Philadelphia, PA.
This multi-billion dollar commitment will contribute to local
economic growth through construction, ongoing community investments
and local hiring, bringing opportunity to thousands of local
residents across the bank’s footprint.
“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, CEO of
Consumer & Community Banking. “We work with government and
community leaders to help drive sustainable impact. We provide
local expertise and support through our branches; we lend to local
businesses of all sizes, create jobs and long-term careers, and
finance vital amenities that are the cornerstone of healthy
neighborhoods such as hospitals, schools, transportation and
grocery stores.”
Building A Branch Network for Today and Tomorrow
Chase has the largest branch network in the United States and is
the only bank to have branches in all lower 48 states. Over the
past five years, Chase has added more than 650 branches, including
400 locations in 25 new states. When this expansion is completed
Chase will have added more than 1,100 branches and hired more than
10,500 employees to its Consumer Bank team since 2018,
significantly enhancing the customer experience.
“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,” said Jennifer Roberts, CEO, Chase Consumer Banking. “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.”
In addition to adding new branches, Chase continues to renovate
existing locations. Over the next three years, Chase will renovate
approximately 1,700 locations, bringing the total number of
branches that have been renovated since 2021 to 3,000.
Three new Community Center Branches set to open in
2024
Chase also continues to expand its Community Center branches and
hire Community Managers who are focused on helping residents
improve their financial health and resilience. Community Center
branches are locally-inspired and built with extra space to host
complimentary community events and financial health workshops,
provide skills training and offer a storefront for small business
pop-ups.
These branches are located in communities that have faced
historical barriers to banking, often urban areas with larger
Black, Hispanic and Latino populations. They often include local
artwork and architecture, and most locations are built with
minority contractors as part of the firm’s efforts to engage more
diverse vendors.
Chase has 16 such branches across the country and will open
three more this year including in the Bronx and Brooklyn, NY, and
one in Columbus, OH.
“We want customers to feel welcomed when they walk through the
door,” said Diedra Porche, Head of Chase Community and Business
Development. “Far too often, people are intimidated when they visit
a bank. Our Community Centers are specifically designed to change
that. We hire locally from the community because we know sometimes
it’s easier to talk to a neighbor when a customer has a problem or
needs advice on buying a home, saving for college or retirement, or
simply opening a checking account.”
The bank is actively hiring to support its new branches,
building on its more than 50,000 local bankers, advisors, business
relationship managers and branch managers, who operate as a local
team of experts to serve customer needs. Chase offers $20 – $25 per
hour, depending on work location, as minimum base pay for U.S.
overtime-eligible employees, as well as a comprehensive benefits
package, which is valued on average at approximately $16,650 per
employee.
J.P. Morgan Branches set to open in Summer 2024
In addition to the new Community Centers, Chase is expanding its
affluent offering with the introduction of more than 20 J.P. Morgan
branches across the country. The first two locations – Columbus
Circle in NY and Pine Street in San Francisco – are already under
construction and the remainder will be completed by the end of
2024. Most of these locations were previously First Republic
offices that will be converted into an entirely new experience,
leveraging First Republic’s existing branch format – open meeting
space and large living rooms, private meeting spaces and board
rooms, and a signature library.
“These new branches will serve clients across banking, lending
and wealth, and will offer the best of both worlds – the strength
and scale of JPMorgan Chase and First Republic's commitment to
exceptional client service,” Roberts said.
Today, Chase serves nearly 80 million consumers and nearly 6
million small businesses, with a broad range of financial services,
including personal banking, credit cards, mortgages, auto
financing, investment advice, small business loans and payment
processing.
To check for updates or to learn more about Chase’s branches,
products and services, please visit Chase.com.
About Chase
Chase is the U.S. consumer and commercial banking business of
JPMorgan Chase & Co. (NYSE: JPM), a leading financial services
firm based in the United States with assets of $3.9 trillion and
operations worldwide. Chase serves nearly 80 million consumers and
nearly 6 million small businesses, with a broad range of financial
services, including personal banking, credit cards, mortgages, auto
financing, investment advice, small business loans and payment
processing. Customers can choose how and where they want to bank:
More than 4,700 branches in 48 states and the District of Columbia,
more than 15,000 ATMs, mobile, online and by phone. For more
information, go to chase.com.
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Iba Reller Iba.reller@jpmorgan.com
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