JPMorgan Chase to add 90 branches this year

A new report from The Wall Street Journal says that JPMorgan Chase is expecting to open 90 branches by the end of this year.

WSJ’s Allison Prang reports (paywall) that the bank is looking to add as many as 700 employees and open locations in cities such as Charlotte, Minneapolis and Nashville as part of its larger plan to enter new markets.

From the article:

The banking giant said it is aiming to open new branches starting this summer in the following areas: Charlotte and Raleigh, N.C.; St. Louis; Nashville; Providence, R.I.; Pittsburgh; Greenville, S.C.; Minneapolis; and Kansas City, Kan.

While it is expanding into new areas, JPMorgan’s branch count has fallen in past years. JPMorgan had 5,036 branches at the end of 2018, 10% fewer than it had at the end of 2014. Over that same time, the head count in the company’s consumer and community banking division fell 5.6%.

Prang’s report says the bank is continuing to open new offices on the East Coast, in Philadelphia, Boston and the Washington, D.C., area. Additionally, a spokeswoman for Chase declined to expand to the paper on any planned branch closures for 2019.

Article source: https://www.housingwire.com/articles/48435-jpmorgan-chase-to-add-90-branches-this-year

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