NEW YORK–The nation’s biggest bank, JPMorgan Chase has announced the opening of its 1,000th branch since launching a market expansion initiative in 2018.
At a ribbon-cutting ceremony in Charlotte, N.C., JPMorgan Chase executives joined local community members to officially open the new branch, the bank reported.
“Every day, nearly one million customers visit our branches to manage their finances or get advice on how to save, spend and grow their money,” Jennifer Roberts, CEO of Chase Consumer Banking, said in a statement. “We are very proud of the role we play to serve these customers while providing opportunities for long-term economic growth through construction, community investments and local hiring.”
Chase said it will continue expanding its presence in low-to-moderate income and rural communities with limited access to traditional banking services, as well as markets such as Boston, Charlotte, Philadelphia, Raleigh and Washington, D.C.
More Branches Than All Others Combined
Over the past seven years, the $4.6-trillion bank, double the total asset size of U.S. credit unions, reported it has opened more branches than all large bank peers combined, “bringing affordable and convenient financial services to communities in all lower 48 states.”
The bank said it now covers more Americans than any other bank, with 68% of the U.S. population within an accessible drive time to one of its branches. Moreover, JPMorgan Chase said it is on track to meet its goal of 500 new branches by early 2027, contributing to its long-term plans of reaching 75% of the national population within an accessible drive and over 50% within each state.
‘Substantial Impact’
JPMorgan Chase said its internal research shows its branches haver a “substantial impact” on lending, employment, customer engagement and deposit balances in its markets.
It said its branches serve approximately 300 million customers each year and handle around 900 million transactions.
These findings reveal that new branches have stronger retail activity and marked increases in business activity, mortgage originations and household income in areas with Chase branches compared to matched areas without them.
It said it continues to look to hire people and is paying between $20 – $25 per hour, depending on work location, as minimum base pay for U.S. overtime-eligible employees, as well as a comprehensive benefits package that is valued on average at approximately $19,500 per employee.
