JPMorgan Chase & Co. is launching a massive retail banking expansion in Washington, with up to 70 branches planned across the region.
The New York-based global financial giant is opening its first consumer banking branches in D.C. as part of an aggressive push to put brick-and-mortar branches in up to 20 new U.S. markets within the next five years, chief executive Jamie Dimon said.
Dimon will formally announce the move on Thursday in D.C. with Mayor Muriel Bowser, Maryland Gov. Larry Hogan and Virginia Gov. Ralph Northam.
D.C.-based Bank Expansion
The expansion will bring 70 commercial banking branches to the region, leading to an estimated 700 new employees.
About 20 percent of the branches will be in low-income neighborhoods including Ward 7 and 8 in the district.
Also, it will provide $4 billion in home and small-business loans around the region boost affordable-housing lending by 50 percent to $500 million and increase an earlier philanthropic donation from $10 million to $25 million.
The expansion is part of $20 billion, five-year effort to grow in 15 to 20 new markets before 2023 and add 400 branches across the United States to take advantage of growing local economies.
JPMorgan has been seeking approvals for new branches in Philadelphia and Boston, although Greater Washington will be the first of its expansion markets.
Executives said the D.C.-area locations would give the bank a stronger foothold in the regional market and deepen its ties to communities.
"We view our branches as the heart and soul of our company," said Thasunda Duckett, chief executive of consumer banking at Chase Bank. "When we bring our branches into the market, we're expanding access to local baking and bring new job opportunities."
JPMorgan, which has about $100 billion in annual revenue and $2.5 trillion in assets, counts 5,130 branches in 23 states. The financial services giant already has a substantial non-retail presence in the region, with private banking and commercials offices in Tysons, D.C., and Bethesda as well as 250 existing employees. The bank has 70,000 business clients and more than 2 million customers through its various products in the region, including credit cards.
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