Chase Announces Major Branch Expansion in 2019
13 March 2019 - 11:05PM
Business Wire
Bank plans to expand branches into nine top
U.S. markets; will continue to grow network in Greater Washington,
Philadelphia and Boston
Plans to open up to 90 branches in new markets
and hire up to 700 employees by end of year
Chase today announced that it plans to expand its retail
branches into nine top U.S. markets1 in 2019, while continuing to
open dozens of new branch locations in Greater Washington, D.C,
Philadelphia and Boston.
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Chase expects to open up to 90 new branches in new markets and
hire up to 700 employees by the end of the year, giving more
customers access to its retail and business banking services while
offering local jobs to residents. The bank announced last year that
it planned to open 400 new branches and hire as many as 3,000
employees in new markets over the next five years. Approximately 30
percent of branches will be in low-to-moderate income
communities.
Beginning this summer, the bank plans to open the first of its
new retail branches in nine of the top U.S. markets including:
- Charlotte, North Carolina
- Raleigh, North Carolina
- Greenville, South Carolina
- Kansas City, Kansas
- Minneapolis, Minnesota
- Nashville, Tennessee
- Pittsburgh, Pennsylvania
- Providence, Rhode Island
- St. Louis, Missouri
The bank also plans to add branches in new locations close to
large universities, including Auburn University in Auburn, Alabama
and the University of Nebraska in Lincoln, Nebraska, with plans to
expand into these states more broadly in 2020.
“This expansion marks a major milestone for our firm by allowing
us to serve more customers, small businesses and communities across
the country,” said Thasunda Duckett, CEO of Chase Consumer Banking.
“To us, this is so much more than building branches. This is about
new customer relationships, better access to credit, and local
jobs.”
This expansion adds retail and business banking to markets where
the firm already serves hundreds of thousands of consumers and
local businesses, including clients through its Investment Bank,
Commercial Bank and Private Bank. Today, Chase serves 62 million
households and over 4 million small businesses across the
country.
Chase will enter each city with a mix of full service branches
that help customers and local small businesses with more complex
needs, like lending and advice, as well as smaller, digital-first
locations that assist customers manage every day transactions. New
branches will include modern design elements and feature open,
collaborative spaces with ample room for meetings and “Chase
Chats,” a new series of small group sessions focused on financial
health.
Customers will also have access to cardless ATMs that can
perform more than 70 percent of teller transactions, and
complements the Chase mobile app and Chase.com where they can open
an account, pay bills, instantly transfer money, monitor and track
their credit and save money automatically.
The firm will actively hire staff to support its new branches
across the country. Entry-level employees in new markets announced
today will be paid no less than $15 - $16.50/hour, and will receive
the firm’s full benefits package, which is valued at an average of
$12,000 annually per employee in this pay range. It includes health
care coverage and retirement savings, as well. To help ease the
burden of out-of-pocket medical expenses, the firm also recently
reduced medical plan deductibles by $750 per year for employees
making less than $60,000.
As part of this expansion, the firm will also work with local
community partners to help drive inclusive economic growth
including jobs and skills training, small business growth,
neighborhood revitalization, and financial health.
Chase will begin opening new branches in the above locations
starting this summer. To check for updates or to learn more about
Chase’s branches, products and services, please visit
Chase.com.
About Chase
Chase is the U.S. consumer and commercial banking business of
JPMorgan Chase & Co. (NYSE: JPM), a leading global financial
services firm with assets of $2.6 trillion and operations
worldwide. Chase serves nearly half of America’s households with a
broad range of financial services, including personal banking,
credit cards, mortgages, auto financing, investment advice, small
business loans and payment processing. Customers can choose how and
where they want to bank: Nearly 5,000 branches, 16,000 ATMs,
mobile, online and by phone. For more information, go to
Chase.com.
1 Markets are defined as U.S. core-based statistical areas
(CBSA).
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version on businesswire.com: https://www.businesswire.com/news/home/20190313005105/en/
Media:Elizabeth
Seymour415-538-5064Elizabeth.c.seymour@jpmorgan.comBrian
Hanover312-732-1081brian.s.hanover@chase.com
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