JPMorgan Plans to Open 500 New Branches and Create 3,500 Jobs

JP Morgan Chase Bank plans to open more than 500 new branches and hire 3,500 workers over the next three years, as well as expand into additional markets, including low-income rural communities and affluent areas.

The bank is committed to investing billions of dollars in this expansion.

In a statement on Tuesday, the New York-based bank said it will renovate around 1,700 locations as part of the investment, bringing the total number of updated sites since 2021 to 3,000. Additionally, there are over 20 branches of JP Morgan Bank currently under development, including one in Columbus Circle in New York and one on Bayne Street in San Francisco.

Most of these branches were previously operated by the now-bankrupt First Republic Bank, which was acquired by JP Morgan last year.

JP Morgan, which manages over 4,700 branches in the United States, stated in 2018 that it is expanding its branch network into up to 20 new markets, including Boston and Philadelphia, and it is the only bank with branches in all 48 contiguous states.