JPMorgan Chase said Wednesday that it plans to open more than 160 new bank branches in over three dozen states—and renovate nearly 600 more—as part of a nationwide multibillion-dollar push for more affordable financial services.
Those branches will include locations in rural and low- to moderate-income communities in the Northeast, the Southeast, the Midwest, and the Southwest—including in Massachusetts, Pennsylvania, North Carolina, South Carolina, Florida, Tennessee, and Kansas this year.
JPMorgan Chase tells Fast Company that this will include branch locations in “Greater Philadelphia, Greater Boston, the Tampa Bay area, the Minneapolis–St. Paul metro area, the Raleigh–Cary metro area/‘The Triangle,’ and the Charlotte metro area.”
According to the Brookings Institution, the affordability crisis has reached every corner of the country, hitting middle- and lower-income earners the hardest, resulting in a 29% cumulative price increase since 2019 for Americans.
Along with opening the branches, Chase plans to invest in local businesses, affordable housing, and job training in order to help fuel economic growth and build stronger communities.
“Every Chase branch is a reflection of its neighborhood,” Jennifer Roberts, CEO of consumer banking at Chase, said in a press release. “Each branch represents our promise to stand alongside 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 a three-year period.
JPMorgan Chase financials
Shares of JPMorgan Chase & Co. (NYSE: JPM) were trading up 1.3% in midday trading on Wednesday at the time of this writing.
The company reported strong fourth-quarter earnings last month, with adjusted earnings per share (EPS) coming in at $5.23, exceeding estimates of $4.92, and better-than-expected revenue of $46.77 billion versus estimates of $46.20 billion. At the time of this writing, it had a market capitalization of over $847 billion.