News

JPMorgan Chase Plans Expansion with 500 New Branches and 3,500 Employees by 2027

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4.5

Andrew R. Michaud

• February 06, 2024

JPMorgan Chase & Co., the largest bank in the United States, has announced plans for significant expansion. In contrast to the trend of layoffs and bank closures, the company intends to open 500 new branches and hire 3,500 employees by 2027.

Renovation and Expansion Efforts

As part of these plans, JPMorgan Chase will renovate 1,700 of its existing locations and add an additional 500 branches, including in new markets. Noteworthy additions include three new Community Center branches, situated in Columbus, Ohio, as well as in the Bronx and Brooklyn boroughs of New York.

Growing Presence in Key Locations

JPMorgan Chase aims to increase its presence in several important cities across the country, such as Boston, Charlotte, N.C., Washington, Minneapolis, and Philadelphia. Impressively, the bank is already the only financial institution with branches in all 48 lower states.

Continuation of Expansion Strategy

This latest branch expansion initiative follows the successful opening of over 650 new branches in the past five years. Furthermore, JPMorgan Chase plans to convert all First Republic branches acquired last year into either Chase branches or JPMorgan wealth-management centers.

"The completion of this expansion will see JPMorgan Chase gain over 1,100 branches and welcome over 10,500 new employees to its Consumer Bank team since 2018, significantly enhancing the overall customer experience," stated the bank.

Increasing Headcount

As of December 31st, JPMorgan Chase's total company headcount stood at 309,926, marking a rise from 308,669 at the end of the third quarter and 300,066 at the end of the second quarter.

Bucking the Tide

While the number of bank branches from FDIC-insured banks has significantly decreased over the years, JPMorgan Chase's expansion efforts demonstrate a different approach. Nationally, the total number of bank branches fell from 99,550 in 2009 to 79,186 in 2022, according to the National Bureau of Economic Research.

Moreover, the density of bank branches has decreased from 20 locations per $1 billion in deposits in 2010 to 9.2 locations per $1 billion in deposits in 2022, according to the same source.

Financial Performance

JPMorgan Chase's stock has performed well so far in 2024, with a 2.8% increase compared to the S&P 500's rise of 3.6%.