Chase Plans 400 Branches in New Markets

JPMorgan Chase plans to expand into markets where it doesn’t have a retail presence, including Philadelphia and Boston.

NEW YORK CITY—As part of a $20-billion investment plan announced Tuesday, JPMorgan Chase plans to add as many as 4,000 jobs and 400 bank branches in new US markets. The financial services giant also plans to step up lending in the affordable housing arena, at both the single-family and multifamily levels.

At present, Chase has 5,130 branches in 23 states and intends to expand by 15 to 20 new markets in several new states over the next five years. “The heart of our company is our retail branches,” says Gordon Smith, CEO of consumer & community banking, Chase. “We are a leader in 23 states, but aren’t yet in major markets like Washington, DC, Boston, Philadelphia and many others. Now that we are planning to expand into new markets, we will hire thousands of new employees and help consumers and small businesses in these areas.”