Mega bank JPMorgan Chase is plotting a massive expansion of bank branches nationwide. It plans to open as many as 500 new branches, renovate 1,700 existing locations, and hire upwards of 3,500 employees over the next three years. This comes as small regional banks have spent the last year imploding (and currently continue tumbling), and many have shuttered locations.
"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," JPMorgan wrote in a press release.
JPMorgan continued: "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.
JPMorgan's move to expand Chase locations comes as many US banks, some of which are regional banks, have spent the last decade closing locations.
According to recent S&P Global Market Intelligence data, US bank branches once stood at 100,000 in 2009. As of 2023, the figure was around 80,000.
JPMorgan's action indicates that the banking industry's recent trend towards online services has reached its peak (at least for now) and is reverting to traditional, physical operations. Also the mega bank is taking market share from small banks with its branch expansion.