Chase to open more than 500 bank branches across the US by 2027

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Chase, the US consumer and commercial banking arm of JP Morgan Chase & Co, has revealed plans of opening more than 500 new branches, renovate 1,700 locations, and hire 3,500 employees over the next three years.

It has announced this move in a bid to provide “greater access” to banking and to bring “affordable and convenient” financial services to customers across the country. With the new branches, Chase will enter new domestic markets, including places with less access to traditional banking services, as well as expand its operations in Boston, Charlotte, the Greater Washington region, Minneapolis and Philadelphia.

The announcement represents a “multi-billion dollar” investment, according to Chase, with the aim of contributing towards local economic growth through construction and hiring activities. Once this expansion is complete, Chase will have added more than 1,100 branches and hired more than 10,500 employees to its consumer bank team since 2018.

As part of this expansion, Chase announced that it will also be adding three new community centre branches to its network this year, which will help residents improve their financial health and resilience. It currently has 16 such branches with the three new ones opening in the Bronx and Brooklyn in New York, and in Columbus, Ohio.

Chase is also opening more than 20 JP Morgan branches across the US this year, with most of these branches earlier being First Republic offices. In May 2023, San Francisco-based First Republic Bank sold most of its business to JP Morgan Chase after its failure, following the collapses of US-based Silicon Valley Bank and Signature Bank.

JPMorgan Chase & Co, the parent firm of Chase, manages assets of $3.9 trillion and operates worldwide. Within that, Chase claims to serve nearly 80 million consumers and nearly 6 million small businesses, providing personal banking services, credit cards, mortgages, auto financing, investment advice, small business loans and payment processing.

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