JPMorgan Chase to open 50 branches in Philadelphia area

JPMorgan Chase will open 50 branches in the Philadelphia area over the next five years, the bank said on Monday.

The bank's plan, which is part of the strategy to open 400 branches nationwide, is one of the most striking exceptions to the exit of the Philadelphia financial community. While some banks in the metropolitan area have added branches in recent years, others, such as Wells Fargo, PNC, TD, Citizens and Bank of America, have closed 330 branches in the last 10 years.

"The Delaware Valley is a critically important market for our expansion and growth as a company," said Jamie Dimon, CEO of JPMorgan Chase, in a statement citing "over a million" credit cards, customers , In the region.

JPMorgan said it plans to hire about 300 people in Philadelphia, South Jersey and Delaware. She also announced that she would invest $ 3 billion in loans to individuals and small regional businesses.

The bank, which has assets of $ 2.6 trillion and employs about 11,000 people in the Greater Philadelphia area, said it would invest $ 50 billion in 400 new offices, loans and other projects in multiple regions , including Philadelphia.

JPMorgan, which has nearly 5,100 branches in 23 states, also said the expansion will add to the company's current base of more than 1 million consumers and more than 30,000 customers in Philadelphia and the United States. Delaware Valley area.