Chase Makes Multi-Billion Dollar Investment in its Branch Network

By: JPMorgan Chase & Co. via Business Wire

February 06, 2024 at 10:00 AM EST

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.