Branch Transformation
Chase to open 500 branches, renovate 1,700
February 7, 2024
JPMorgan Chase announced a large branch network project which will consist of 500 new branches, renovations to 1,700 locations and 3,500 new employees over the next three years. The bank also aims to enter new markets, especially in low-to-moderate income and rural areas, according to a press release.
"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," Marianne Lake, CEO of consumer and community banking, said in the release. "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."
The bank plans to expand its footprint in major hubs such as Philadelphia, Minneapolis, Boston and Charlotte. Chase also will open three Community Center branches, which serve traditionally financially underserved populations such as Blacks, Hispanics and Latinos.
"We want customers to feel welcomed when they walk through the door," Diedra Porche, head of Chase community and business development, said in the release. "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."
Chase plans to open more than 20 branches in 2024.
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