From CNBC: 2024-08-05 13:00:01

JPMorgan Chase is expanding its branch network into smaller cities and towns to reach more Americans. With a new goal of being within an “accessible drive time” for half the US population, the bank plans to open 25 more branches in Iowa by 2030 and more than 125 branches across six states.

Despite the banking industry trend of closing branches, JPMorgan is leading in branch openings. The bank’s investor day in May revealed a strategy targeting a 15% deposit share, with a key focus on physical branches as 40% of deposit share gains since 2019 came from investments in new branches.

JPMorgan’s expansion comes at a time when the industry is closing branches, with 229 net closings in the first quarter. The bank’s record $50 billion profit in 2023 allows it to invest in brick-and-mortar, prioritizing locations based on a mix of demographic trends, small business presence, and foot traffic indicators like the success of nearby Chick-fil-A locations.



Read more at CNBC: JPMorgan Chase opens more small-town branches in middle America