Bank builds 1,000 branches since launching expansion initiative in 2018
JPMorganChase today celebrated the construction of its 1,000th branch since launching its market expansion initiative in 2018, marking a significant milestone toward improving access to financial services across the nation.
At a ribbon-cutting ceremony in Charlotte, North Carolina, JPMorganChase executives joined local community members to officially open the new branch and highlight the positive impact Chase branches have on local neighborhoods.
"Every day, nearly one million customers visit our branches to manage their finances or get advice on how to save, spend and grow their money," said Jennifer Roberts, CEO of Chase Consumer Banking. "We are very proud of the role we play to serve these customers while providing opportunities for long-term economic growth through construction, community investments and local hiring."
Chase will continue expanding its presence in low-to-moderate income and rural communities with limited access to traditional banking services, as well as markets such as Boston, Charlotte, Philadelphia, Raleigh and Washington, D.C.
Over the past seven years, Chase has opened more branches than all large bank peers combined, bringing affordable and convenient financial services to communities in all lower 48 states. Today, Chase covers more Americans than any other bank, with 68% of the U.S. population within an accessible drive time to one of its branches. The bank is on track to meet its goal of 500 new branches by early 2027, contributing to its long-term plans of reaching 75% of the national population within an accessible drive and over 50% within each state.
Chase Branches: Catalysts for Economic Growth
Chase branches are more than just financial service providers; they are vital engines driving economic activity and supporting local communities. JPMorganChase's internal research highlights the substantial impact these branches have on lending, employment, customer engagement and deposit balances.
Annually, Chase branches originate billions in business and home loans, directly fueling local lending activity and fostering economic growth in surrounding areas. With a workforce of around 50,000 customer-facing staff, Chase branches offer significant employment opportunities, bolstering the local economy.
Chase branches also play a pivotal role in supporting local economic activity and retail spending, serving approximately 300 million visiting customers each year and handling around 900 million transactions.
These findings reveal that new branches have stronger retail activity and marked increases in business activity, mortgage originations and household income in areas with Chase branches compared to matched areas without them.
"We've long recognized that our branches serve as storefronts for all our capabilities across the firm, from banking to lending to wealth management and business formation," Roberts added. "What's truly exciting is seeing them act as catalysts for economic activity in the communities we serve."
When this expansion is completed, Chase will have added more than 1,100 branches, renovated 4,300 locations, entered 80 markets and hired more than 10,500 employees to its Consumer Bank team since 2018.
"Our commitment to local communities extends beyond providing financial services," said Tom Horne, Head of Consumer Branch Banking at Chase. "From construction to day-to-day branch operations, we hire locally, ensuring that our expansion directly contributes to the economic vitality of the areas we serve. We're not just building branches; we are investing in the long-term health and future of our communities."
Chase is actively hiring to support these new branches, building on its more than 50,000 local bankers, advisors, business relationship managers and branch managers, who together 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 that is valued on average at approximately $19,500 per employee.
The bank offers a variety of different branch formats, depending on the specific needs of the community. Some locations include meeting rooms and private spaces for personal conversations, while high-volume, full-service branches feature multiple transaction windows.
Chase also operates 19 Community Centers across the country as part of an overall effort to expand access to banking, tools and advice to people who might not otherwise have access to them. These Community Centers are part of Chase's community-inspired branch network, which includes 300 locations in underserved areas.
Ramping Up Affluent Offering
In addition to the new branches, Chase is expanding its affluent offering by opening new J.P. Morgan Financial Centers in many markets across the country, bringing a highly personalized level of service to millions of potential clients. The bank plans to have 31 Financial Centers open by the end of next year.
Today, Chase serves nearly 80 million consumers and close to 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 of America with assets of $4.6 trillion and operations worldwide. Chase serves more than 85 million consumers and 7 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: Nearly 5,000 branches in 48 states and the District of Columbia, nearly 15,000 ATMs, mobile, online and by phone. For more information, go to chase.com.
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Iba Reller
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