NEW YORK (PIX11) – JP Morgan Chase is ready to open 500 branches and hire an additional 3,500 employees by 2027, the banking goliath announced on Tuesday.
Chase is expanding its affluent offering with the introduction of more than 20 J.P. Morgan branches across the country. A location in Columbus Circle and another in San Francisco will be completed by the end of 2024.
Many of the new JP Morgan locations were previously First Republic offices. JP Morgan Chase acquired most assets and assumed the Bank's deposits and other liabilities from the FDIC in 2023.
“Every day approximately 900,000 people walk into a Chase branch to cash a check, make a deposit, or speak to one of our experts about an important financial decision that could impact their lives,” said Jennifer Roberts, CEO, of Chase Consumer Banking. “This investment means we can continue to have branch locations that reflect the unique needs of the communities we aspire to serve today, tomorrow, and for many years to come.”
Chase will also open branches in underserved rural communities, the company stated.
“These new branches will serve clients across banking, lending, and wealth, and will offer the best of both worlds – the strength and scale of JPMorgan Chase and First Republic's commitment to exceptional client service,” Roberts said.
More than 50,000 banking jobs were cut in 2023 but Chase is making a multi-billion-dollar investment in expanding its footprint in large cities across the US.
Chase is the leading financial services firm based in the United States with more than 4,700 branches in 48 states including Washington DC.
Matthew Euzarraga is a multimedia journalist from El Paso, Texas. He has covered local news and LGBTQIA topics in the New York City Metro area since 2021. He joined the PIX11 Digital team in 2023. You can see more of his work here.
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