JPMorgan Chase will open 50 branches in the Philadelphia area over the next five years, the bank said Monday.
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The bank’s plan, part of its announced strategy of opening 400 branches nationally, marks one of the more striking exceptions to the financial community’s exit from Philadelphia. While some banks in the metropolitan area have added branches in recent years, others like 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 to our branch expansion and growth as a firm," JPMorgan Chase CEO Jamie Dimon said in a statement, citing "more than one million" credit card, home loan and other consumer clients, plus 30,000 business clients, in the area.
JPMorgan said it expects to hire about 300 people in Philadelphia, South Jersey and Delaware. It also said it will invest $3 billion for regional home and small business lending.
The bank, which has assets of $2.6 trillion and employees about 11,000 people in the broader Philadelphia area, said it will invest $50 billion in 400 new offices, loans and other projects in several areas, including Philadelphia.
JPMorgan, which has nearly 5,100 branches in 23 states, also said the expansion will add to the firm’s current base of more than 1 million consumers and over 30,000 business clients in Philadelphia and the Delaware Valley region.