NEW YORK–While some banks and credit unions have pulled back on branches, the nation’s largest financial institution, J.P. Morgan Chase, said it is planning to open 160 new locations this year. a 160-location wave of branch openings this year.
The initiative is part of a larger push by American lenders to address consumers’ desire for in-person banking, the Financial Times reported.
According to the Times, the new locations will be opening in Kansas, Florida, Pennsylvania, Massachusetts, Tennessee and the Carolinas and are part of a 2024 pledge by the country’s largest bank to open as many as 500 branches over three years.
Branches in Every State
J.P. Morgan’s Chase consumer banking brand has branches in every state within the continental U.S., the Financial Times said, and is expanding to help reach its goal of having 15% of the country’s retail deposits.
“We know that building branches and getting into markets is a critical part of getting that deposit share,” Jennifer Roberts, chief executive of Chase consumer banking, told the FT.
Roberts added that the bank plans for the new branches to reach profitability in four years, and is reaching that target “months” sooner than planned due to growth in deposits, card customers and wealth management clients at the in-person locations.
