JPMorgan to open more than 500 new bank branches over next three years
By Nupur Anand
NEW YORK (Reuters) – JPMorgan Chase said on Tuesday it was embarking on one of its most aggressive bank branch expansions in recent years, with plans to add more than 500 new U.S. locations by 2027 to broaden its footprint in areas where it is under-represented.
The multi-billion dollar investment will see it open new branches in places including Boston, Charlotte, the area surrounding Washington D.C., Minneapolis and Philadelphia, the bank said.
It did not specify the exact amount of the investment.
JPMorgan’s aggressive expansion strategy comes as some other lenders have been shrinking their presence. The number of active branches in the U.S. totaled 77,690 after 123 closures and 80 openings in the month of October, according to S&P Global Market Intelligence.
JPMorgan had the largest network at the end of 2023 with 4,897 branches. Rival Bank of America, which has also been adding new branches, had 3,845 at the end of December.
Buoyed by resilient consumers while bringing in more income from clients’ interest payments as the Federal Reserve raised borrowing costs, JPMorgan made a record annual profit in 2023.
The bank’s new branches will typically have a consultative area for customers to have a private conversation and will not use the teller line as the main focal point, Chase Consumer Banking CEO Jennifer Roberts told Reuters.
“Our branch network is one of the key reasons that customer open accounts with us and it has helped us attract deposits,” Roberts said. “We really view our branches as a storefront for the entire company and it is an anchor for us to expand our relationship with customers as we aim to be their primary financial partner.”
Marianne Lake, JPMorgan’s CEO of consumer and community banking, said at an investor conference in December that the bank was continuing to invest in its branch network and had a less than 5% branch share in 17 of the top 50 markets where it is trying to expand.
In the last five years the bank had added 650 new branches, Lake said during its investor day presentation last May.
She was appointed the sole CEO of the consumer division last month, which she previously ran together with Jennifer Piepszak.
The lender also plans to renovate nearly 1,700 of its other existing branches in the U.S. and will be hiring 3,500 more employees for its branch network. The bank had 309,926 employees worldwide at the end of December, higher than any of its peers.
JPMorgan also plans to close an additional 30 branches out of the nearly 60 that it has acquired during the First Republic Bank takeover last year, Roberts said. First Republic had 84 branches in eight states, and soon after the acquisition JPMorgan had announced it would shut about 21 of those.
The lender is also working to overhaul more than 20 of the First Republic locations into JPMorgan branches that will be distinct in branding and design compared to its Chase branches and aimed at its affluent clients, the bank said.
(Reporting by Nupur Anand in New York; Editing by Jamie Freed)
REUTERS ON MSN
Read full article here: https://dinarchronicles.com/2024/02/06/jpmorgan-to-open-more-than-500-new-bank-branches/
************
Chinese New Year Starts Saturday Feb.10th
February 10 brings the start of the Lunar New Year and the year of the Yang Wood Dragon! The Dragon is one of the most auspicious signs in the Chinese zodiac because of its ability to swim, fly, walk on land, and travel between between dimensions.
The dragon represents power and courage, but is also a symbol of peace. This is a good year for daring moves, finding your strength, and new beginnings. The Year of the Yang Wood Dragon is a fantastic time to start a new business or to begin growing and expanding your hopes and dreams. It is a year to push your horizons and be a little more daring.
Confidence will be on our side, and especially if we are leading with the heart, we are likely to create a lot of success.
Opening ourselves to receiving, and recognizing the value we offer are also big themes this year. It seems we are being guided to love ourselves more deeply and to celebrate all that we have to offer.
We are in the Spring season of our lives this year, and under the Dragon, we can sharpen our skills, tap into greater wisdom, and find the bravery needed to live the life of our dreams. Technology, AI, and creative industries will benefit the most from this year’s energies.
Forever Conscious
Courtesy of Dinar Guru: https://www.dinarguru.com/
Frank26 [Fort Worth Chase Bank Story] BANK VISITOR: I went to one of the largest Chase Banks in Dallas. This bank is different than I’ve ever seen. It was two stories and upstairs there was many window you couldn’t see into. FRANK: A lot of banks are metamorphosizing their environment in order to be part of the exchange process... BANK VISITOR: I go and sit down and within 5 minutes this private banker, who BTW is Vice President on his card, comes over and greets me…I said I have a large amount of foreign currency and can you let me know when you will be able to exchange this currency. I didn’t say dinar…I said I know we’re getting close…with Chase being the number one bank in Iraq. He looked at me and grinned and he said, I’ve got a couple other clients just like you. [Post 1 of 2….stay tuned]
Frank26 I email them from time to time and give them an update on what’s going on…He said you know there’s been a lot of speculation on the foreign currencies and when they were going to revalue. He never said it was a scam. He looked at me and grinned. He said we will be in touch with you. Then I said to him, let me ask you something, nothing against your other locations but how come they haven’t treated me this way? They know who I am. I go there all the time. He said, this particular site is set up to help customers like you. He said, ‘we are directly tied to JP Morgan in New York. This is how we operate this site’…You get that feeling when you’re sat in front of these people that something’s going on now and they may not be able to tell you all of it but they know who has what. [Post 2 of 2]
************
MULTIPLE BANKS ARE ABOUT TO FAIL… TAKE ACTION NOW.
Greg Mannarino: 2-7-2024
