JPMorganChase said Wednesday it plans to open more than 160 new bank branches in more than three dozen states — and renovate nearly 600 more — as part of a multibillion-dollar nationwide push for more affordable financial services.
These locations include locations in rural and low-to-moderate income (LMI) communities throughout the Northeast, Southeast, America’s “Heartland” or Midwest and Southwest, including this year in North and South Carolina, Florida, Pennsylvania, Kansas, Massachusetts and Tennessee.
JPMorganChase tells Fast Company that this will include branch locations in: “Greater Philadelphia, Greater Boston, the Tampa Bay area, the Minneapolis-Saint Paul metro area, the Raleigh-Cary/The Triangle metro area and the Charlotte metro area.”
The Brookings Institution reports thisthe affordability crisis has reached every corner of the country, with middle and lower income earners hit hardest, resulting in a cumulative price increase of 29% since 2019 for Americans.
In addition to opening the branches, Chase plans to invest in local businesses, affordable housing and job training, helping drive economic growth and building stronger communities.
“Every Chase branch is a reflection of the neighborhood,” said Jennifer Roberts, CEO of Chase Consumer Banking said in the release. “Each branch represents our promise to stand with our customers as partners, helping them navigate and achieve their financial goals.”
The expansion is part of Chase’s 2024 strategy to open more than 500 new branches, renovate 1,700 locations and hire 3,500 employees nationwide over three years.
Financial data from JPMorganChase
Shares of JPMorgan Chase & Co. (JPM) were up 1.3% in afternoon trading on Wednesday at the time of this writing.
The company reported strong fourth quarter profit last month with adjusted earnings per share (EPS) of $5.23, beating estimates of $4.92, and better than expected revenue of $46.77 billion vs. $46.20 billion. At the time this article was written, it had a market capitalization of over $847 billion.
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