The new JPMorgan Chase branch is located in Charlotte, North Carolina.
Courtesy: JPMorgan Chase
JPMorgan Chase has built 1,000 new branches over seven years. This is more places than most competitors work in total.
The bank marks the opening of the milestone in Charlotte, North Carolina on Thursday, where Chairman and CEO Jamie Dimon is attending a ribbon cutting ceremony. The company has around 5,000 branches and most of the US banks, according to Federal Reserve data in March.
“We’re looking forward to seeing you in the future,” said Jennifer Roberts, CEO of Chase Consumer Bank. “thousand [branches] It’s important – a thousand people are bigger than many local competitors have. ”
In 2018, JPMorgan said it would operate bank branches in 23 US states, with around 400 new locations and expand to up to 20 new markets over the next five years. By 2021, the company said it has branches in all 48 lower classes. And last February, JPMorgan announced a multi-billion dollar new investment to open 500 more new locations by 2027.
JPMorgan said over the past seven years, Chase has opened more bank branches than all of the peers of large banks. However, many of JPMorgan’s competitors have recently announced plans to expand their footprint as their deposit quest heats up.
Bank of America recently announced its branch expansion with plans to open 150 new centers by 2027. Wells Fargo was also planning to add a branch.
Industry-wide growth plans help reverse the trend that goes back to the 2008 financial crisis, when the US plunged its net bank branches. The advent of bank-wide combinations and online banking has given us a great priority to brick and mortar locations. However, in recent years, banks have reoriented their footprints to acquire more sediment, particularly during and post-pandemic population movements.
According to KBW and S&P Global Market Intelligence data, JP Morgan will face rival Bank of America when it scales with Charlotte.
Roberts said after this latest opening, Chase will have around 75 branches in North Carolina. She said the banks are expanding there because of a “young and rapidly growing population” and sometimes “more wealth comes to the area.”
JPMorgan said on Investor’s Day in May that the new branch is expected to ultimately offer incremental deposits of more than $160 billion. The company said each new branch would break within four years.
JPMorgan said once its expansion is complete, Chase will add more than 1,100 branches, renovate 4,300 locations and enter 80 new markets. We also expect 75% of the US population to reach one of the branches within the “accessible drive.”
