If it seems like there’s a bank on every corner, or at the very least in every square mile in the Philadelphia region, it’s because that’s a fairly accurate assessment. Now, JPMorgan Chase is going to make sure that statement is right on the money.
In a move that is sure to shake up an already crowded competitive landscape, JPMorgan Chase, the nation’s largest bank, will announce Monday the expansion of its retail network into the Philadelphia region, with plans to add about 50 branches, 100 ATMs and 300 new employees over the next five years.,w rites Jeff Blumenthal in the Philadelphia Business Journal.
The Delaware Valley is a critically important market to our branch expansion and growth as a firm,” JPMorgan Chairman and CEO Jamie Dimon said in a statement. “We already have thousands of employees here that serve our customers every day. With new branches and investment in the region, we’ll create more jobs and opportunity for those locally, while building deeper relationships with customers and establishing new ones.”
Despite not having retail branches, JPMorgan has been doing business in the region for nearly 20 years with more than 11,000 current employees, most being part of its credit card hub in Wilmington, Del. The bank also has a commercial banking team in Philadelphia and claims to have more than 1 million consumer and over 30,000 business clients locally.
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