News

Chase to open 400 branches; Wells to close twice as many

January 26, 2018

JPMorgan Chase has announced that it intends to expand its branch network into new U.S. markets, opening up to 400 new branches over the next five years. These new branches will directly employ about 3,000 people, according to a press release.

Currently, the FI has 5,130 branches in 23 U.S. states; the plan is to expand to 15–20 new markets in several new states over the next five years. The consumer bank is starting the formal application process for national expansion.

"The heart of our company is our retail branches," Gordon Smith, Chase CEO of consumer and community banking, said in the release. "We are a leader in 23 states, but aren’t yet in major markets like Washington D.C., Boston, Philadelphia, and many others. Now that we are planning to expand into new markets, we will hire thousands of new employees and help consumers and small businesses in these areas."

Currently, Chase serves 61 million U.S. households across its consumer and community banking franchise. In 2017, the bank supported more than $900 billion in consumer and small business spending through credit and debit card products.

Meanwhile, Wells Fargo is mapping out plans to close 800 of its existing bank branches, according to a report by CNN. The bank closed 200 branches last year, leaving it with a total of 5,800 outlets — still the largest branch network in the U.S., the report said.

The FI told CNNMoney that decisions about closures were made solely on the basis of "customer trends, market factors and economic changes." The bank did not indicate how many employees would be affected by the closures.