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J.P. Morgan Chase is doubling on the physical storefront known as the bank branch.
Under pressure to cut spending after the financial crisis, US banks have opened branches for most of the last decade. This trend accelerated as Americans became accustomed to online banking and then to mobile telephony.
But J.P. Morgan will open 50 new branches in Philadelphia, Delaware and southern New Jersey over the next five years, the bank said in a statement. This is partly in the context of a plan announced in January of this year. open 400 branches in the United States, an aggressive move to use its tax cut to strengthen what is already the largest US bank by deposits and assets.
"The Delaware Valley is an extremely important market for us," said General Manager Jamie Dimon in the statement. "This will create even better paying jobs with health care and retirement plans for the people of the area and better serve our existing and new customers."
The bank announced that it would hire up to 300 employees for branch offices in the Philadelphia area. It will also invest $ 3 billion in mortgage and small business loans in the region, including grants to low- and moderate-income communities, as well as $ 5 million to help revitalize Kensington Avenue in Philadelphia.
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