JPMorgan Chase Expanding Small-Town Branches Across Middle America

JPMorgan Chase is expanding its branch network to reach more Americans in smaller cities and towns. The firm’s goal is to have coverage within an “accessible drive time” for half the population in the lower 48 states. CEO Jamie Dimon is leading an annual bus tour to promote this expansion, starting in Iowa where the bank plans to open 25 new branches by 2030. Dimon and Jennifer Roberts, CEO of Chase Consumer Banking, will also visit Minnesota, Nebraska, Missouri, Kansas, and Arkansas where the bank plans to open over 125 new branches. This expansion is part of JPMorgan’s strategy to increase their branch share and reach 15% deposit share. While the broader banking industry is closing branches due to funding costs and technological advancements, JPMorgan is investing in physical branches to reach more customers. Their approach to opening new branches includes a balance of art and science, prioritizing locations based on factors like population growth, small businesses, corporate headquarters, and foot traffic. Despite the industry trend of closing branches, JPMorgan’s record profits have allowed them to invest in expanding their brick-and-mortar footprint.

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