JPMorgan marks 1,000th branch opening since 2018 expansion plans

JPMorgan Chase In seven years, he built 1,000 new branches. This places more than most competitors operate in total.

On Thursday, the Bank marked the opening of the milestone in Charlotte, North Carolina and participates in the ribbon cutting ceremony of President and CEO Jamie Dimon. According to the federal reserve data in March, the company has approximately 5,000 branches.

“It is a great sign to say, you can see our commitment over time and we are at a marathon about this expansion,” Chase CEO CEO Jennifer Roberts said. He said. “Thousand [branches] It is important – it is greater than that thousands of contestants have. “

In 2018, JPMorgan operated bank branches in 23 US states and in question With about 400 new places, it would expand to up to 20 new markets for the next five years. Until 2021, the company in question There were 48 branches in the lower state. And last February JPMorgan announced It is a new, billions of dollars of investment that will open 500 more new places by 2027.

JPMorgan said that in the last seven years, Chase has opened more bank branches than all major bank peers. However, JPMorgan’s competitors recently announced their plans to expand their footprints as the search for deposits in the near future.

Bank of America Recently branch Expansion with 150 new center opening plans until 2027. And Wells Fargo Adding plans branchesIn particular, it has now fulfilled a regulatory approval order that limits its growth.

Growth plans throughout the sector can reversed a tendency based on the 2008 financial crisis in which the US saw the net number of banks. branches shower. The emergence of less general banks and online banking has made brick and mortar places lower. However, in recent years, especially in the midst of population migration during and after pandemi, banks are directing their footprints to capture more deposits.

According to KBW and S&P Global Market Intelligence data, expanding Charlotte puts JPMorgan head -to -head with Rival Bank of America, which has a 71% market share in the city.

Roberts said that after this last opening, Chase will have about 75 branches in North Carolina. He said that the bank expanded there because of the “young, rapid growing population” and “that region is coming too much.”

Jpmorgan said Investor Day In May, new branches are expected to contribute more than $ 160 billion in the incremental deposit. The company said that each new branch has broken even in four years.

JPMorgan said that when the expansion is completed, Chase would add more than 1,100 branches, renew 4,300 locations and enter 80 new markets. Furthermore, 75% of the US population expects to reach one of the branches in a “accessible driving”.