One of the largest banks in the world is embarking upon an unprecedented retail branch expansion that could see a new location eventually opening in almost every major- and medium-sized city in the country.
Of the fifty most populated metro areas in the U.S., JP Morgan Chase has locations up and running in 35.
The bank’s presence continues to be confined mostly to the East coast, some parts of the Midwest, and the West coast.
But the bank has also just opened the first of a planned sixty New England locations with a new branch in Boston.
The bank additionally last month announced plans to expand its 1 million square foot regional campus in Plano, Texas. New construction on that campus will see the construction of a 7-story parking garage.
Based in New York, JP Morgan Chase has more than 5,000 branches in 23 states. Its locations, sometimes carved out of existing structures and other times built as entirely new buildings, average 4,000 square feet in size.
In an interview with reporters at the opening of the new Boston outlet, Jamie Dimon, the chief executive officer of JP Morgan Chase, said the bank was targeting the remaining 15 of the 50 largest metro areas it does not currently have a presence in.
Dimon said the bank will then build and open offices in the next dozen largest metro areas after that.
With revenues in 2017 exceeding $100 billion, JP Morgan Chase is expected to launch construction within weeks on a new 75-story headquarters in New York.
That structure will replace the iconic 52-story structure built in 1960 that the bank currently calls home.
By Garry Boulard
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