Chase plans to open more than 500 new branches and hire 3,500 staff by 2027
US banking heavyweight Chase has announced that it plans to open more than 500 new branches and renovate more than 1,700 existing locations across the country by 2027 as part of a “multi-billion dollar commitment” to provide greater access to banking.
Chase to expand number of US branches to more than 5,200
Chase, the consumer and commercial banking enterprise of JP Morgan Chase, predicts the move will create more than 3,500 jobs and will boost “local economic growth through construction, ongoing community investments and local hiring”.
It hopes the creation of new branches will open up new markets for the bank, with a particular focus on servicing areas of “low-to-moderate income and rural communities with little access to traditional banking services”. Chase currently claims to serve nearly 80 million customers.
The bank’s investment will enable it to “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,” says Jennifer Roberts, CEO of Chase Consumer Banking.
The news of Chase’s proposed national expansion in the US comes after the company declared its European ambitions by entering the German and UK digital banking markets in 2023 and 2021, respectively.
In addition to the bank’s branch expansion announcement, and as part of its national scaling, Chase has stated that it will be opening three new community centre branches, which are built with extra space to accommodate financial health workshops and other community events.
Also, this summer will see JP Morgan Chase introduce its JP Morgan branches following the firm’s purchase of First Republic Bank last year. Most of the new JP Morgan branches will be located where previous First Republic branches used to be.
Overall, 20 JP Morgan branches are due to be set up by the end of 2024, with the first two locations in New York and San Francisco already under construction.
