October 05, 2018
JPMorgan Chase is in the process of opening 50 new branches in the Philadelphia area in the next five years.
According to the bank, the openings are a part of the 400 new banks nationwide, and will be one of the most noteworthy exceptions as many banks in the Philadelphia area are leaving including but not limited to Bank of America, Citizens, PNC, TD and Wells Fargo. Roughly 330 branches have been closed in the last 10 years.
Jamie Dimon, CEO of JPMorgan Chase, said it was important to focus expansion in the Delaware Valley, with over a million consumer clients and 30,000 business clients in the region.
The company expects it will hire about 300 people in Philadelphia, Delaware and South Jersey. It will also be investing in $3 billion for both small business and regional home lending.
JPMorgan employs approximately 11,000 people and has $2.6 trillion in assets in the Philadelphia area alone. The bank is going to invest $50 billion into its new offices and other projects.
The bank said the expansion is going to add to its current customer and client base.