JPMorgan Chase opens 200th branch, 200 more to go
JPMorgan Chase has struck a mid mark in its campaign to open 400 new bank branches.
In 2018, the bank announced plans to open 400 new branches and provide employment for up to 3000 people before 2023 as part of a $20 billion investment programme.
Although the pandemic forced some banks to shut down their branches, JPMorgan Chase’s consumer market expansion continues to make progress, as the bank opens more new branches and gathers deposits at tripling rates.
Now on its 200th, the firm currently has 5,300 branches in the U.S and serves over 61 million customers across its consumer and community banking franchise. According to a Reuters report, the $20 billion investment programme will also see the firm raise wages from between $12/hour and $16.50/hour to between $15/hour and $18/hour in over 100 cities. This will benefit 22,000 full-and part-time US hourly employees, notably in branches and customer service centers.
In addition, JPMorgan has revealed plans to expand into new markets, hire thousands of new employees and help consumers and small businesses in these areas. The bank is also closing in on becoming the first U.S. bank to have a brick and mortar presence in every state in the United States.
The initiative will cater for an increase in community-based philanthropic investments by 40$ to $1.75 billion over five years and an increase in small business lending by $4 billion. JPMorgan is currently the largest American bank by assets, providing loans, credit cards, savings accounts and other services to nearly half of all U.S. households.
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