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JPMorgan Chase said Wednesday it will open over 160 new branches across more than 30 states this year, accelerating a multibillion-dollar push into physical banking that bucks global trends and underscores US lenders’ faith in Americans’ preference for face-to-face service.
The nation’s biggest bank by assets unveiled the expansion, which was first reported by the Financial Times, on Wednesday.
There are major expansion plans for North and South Carolina, Florida, Pennsylvania, Kansas, Massachusetts and Tennessee in 2026, the US financial giant said.
The move is part of a 2024 pledge by the Jamie Dimon-led firm to add over 500 branches in three years, aiming to capture 15% of this country’s retail deposits.
JPMorgan also plans to renovate nearly 600 locations over the course of 2026.
Under its Chase brand, JPMorgan already operates in every state except for Hawaii and Alaska.
Chase is the US consumer and commercial banking business of JPMorgan Chase, which last month reported fourth-quarter profit above analysts’ expectations as its traders cashed in on volatile markets.
“Chase branches are more than just a place to transact; they are vital engines driving economic activity and supporting people, businesses, schools, hospitals and nonprofits,” Tom Horne, the company’s head of consumer branch banking, said in a statement.
The firm also said it will hire 1,100 new employees as part of the expansion, moving closer to its goal of adding more than 10,500 consumer bank staff by the end of the year.
The strategy stands in sharp contrast to banks in the United Kingdom, which have shuttered more than a third of their locations in the past five years and shifted towards internet and telephone banking.
In 2021, Chase entered the British market, where it operates a digital-only banking service and where the name is widely known as a major sponsor of the English national soccer team.
Even as cash use declines and digital banking booms, US banks are pouring billions into brick-and-mortar spots to lure and keep deposits.
Bank of America, with nearly 70 million customers in the United States, opened nearly 50 new sites last year, revamped 150 others, and wanted to open 100 more by the end of 2027.
Research by Accenutre, a consultancy, shows over two-thirds of US consumers prefer living near a branch.
The survey of more than 50,000 found 71% of baby boomers value neighborhood locations, compared to 63% of millennials and Gen Z.
The US banking market boasts over 4,000 banks, from titans to regionals and credit unions, all vying for funds.
That is in contrast to other major markets such as the UK, Australia and Canada, where a handful of giants dominate deposits and foster loyalty without fierce competition.
English (US)