The trend for several years for financial institutions of all sizes has been to close branches and rely on technologies such as digital banking and well placed, advance function ATMs to stand in for physical locations. Chase Bank has closed some branches, but is also planning to launch hundreds of new locations in support of their brand where it isn’t strong today. From Finextra:
JPMorgan Chase is to open 400 new branches employing 3000 people over the next five years as part of a $20 billion investment programme that will also bump up staff salaries by ten percent.
Currently, the firm has 5130 branches in 23 US states, serving 61 million customers across its consumer and community banking franchise.
The stated plan is to grow primarily in larger urban areas:
“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.”
Overview by Sarah Grotta, Director, Debit and Alternative Products Advisory Service at Mercator Advisory Group
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