Feb 18 (Reuters) – JPMorgan Chase is planning to open over 160 branches in more than 30 states across the United States in 2026 as part of a multibillion-dollar investment into its brick-and-mortar network, the Financial Times reported on Wednesday.
The bank is planning a “major expansion” in states including North and South Carolina, Florida, Pennsylvania, Kansas, Massachusetts and Tennessee, the newspaper said, citing an interview with Chase consumer banking chief.
It added that the push is part of a commitment in 2024 to open more than 500 branches within three years.
The bank will announce its expansion plans later in the day, the report said. JPMorgan did not immediately respond to a Reuters’ request for comment.
JPMorgan has opened branches in all U.S. states, except Hawaii and Alaska, under its Chase consumer brand as part of its goal to hold 15% of all the country’s retail deposits, the report added.
“We know that building branches and getting into markets is a critical part of getting that deposit share,” Jennifer Roberts, chief executive of Chase consumer banking told FT.
The lender last month reported fourth quarter profit above analysts’ estimates as its traders cashed in on volatile markets.
(Reporting by Akanksha Khushi in Bengaluru; Editing by Nivedita Bhattacharjee)
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