JPMorgan Chase (NYSE:JPM) has announced plans to add over 500 new bank branch locations across the U.S. by 2027.
According to combined media reports, the new branches will be in markets where the bank is under-represented – including Boston, Charlotte, Minneapolis, Philadelphia and the Greater Washington, D.C., market. The bank is also renovating nearly 1,700 of its existing U.S. branches and will hire 3,500 more employees to staff its branch expansion.
At the same time, JPMorgan Chase will also close an additional 30 branches out of the nearly 60 that it acquired last year from First Republic Bank while overhauling more than 20 First Republic branches to carry the JPMorgan Chase brand.
As for the branch design, the new locations will mostly have consultative areas for customers to speak with bank employees and will not rely on teller lines for their main focal point.
“Our branch network is one of the key reasons that customer open accounts with us and it has helped us attract deposits,” said Chase Consumer Banking CEO Jennifer Roberts. “We really view our branches as a storefront for the entire company and it is an anchor for us to expand our relationship with customers as we aim to be their primary financial partner.”
