New York City — JPMorgan Chase & Co. (NYSE: JPM) announced plans today to expand its brick-and-mortar footprint by adding 500 Chase bank branches over the next three years. The New York City-based institution also plans to renovate 1,700 existing bank locations across the United States.
New branches will expand JPMorgan Chase’s footprint in existing markets like Boston; Washington, D.C.; Charlotte, North Carolina; Philadelphia; and Minneapolis. The company will also enter several new markets, including low- to moderate-income rural communities that previously had little access to traditional banking service.
The multi-billion-dollar expansion effort will also contribute to local economic growth through the addition of 3,500 new employees, including construction jobs and local hiring upon completion, according to the company.
JPMorgan first announced expansion efforts in 2018 with a $20 billion economic growth effort that included the addition of 400 new Chase branches over the subsequent five years. Since that time, the company has added more than 650 new branches, including 400 locations in 25 new states.
Brick-and-mortar expansion efforts by JPMorgan have marked a stark shift in strategy, as a number of rival banks have been closing branches over the past few years and shifting more toward digital banking efforts.
This year, Chase also plans to open three new community center branches, which are locally inspired locations with extra space available to host complimentary community events and financial health workshops. These branches are typically located in communities that have faced historical barriers to banking and are often in urban areas with larger Black, Hispanic and Latino populations.
The company currently has 16 of these branches open across the country, with the new properties set to open in the Bronx and Brooklyn boroughs of New York City and Columbus, Ohio.
JPMorgan is a leading financial services firm in the U.S., with assets over $3.9 trillion and operations worldwide. The company’s stock price closed at $174.50 per share on Monday, Feb. 5, up from $137.98 one year ago.