J.P. Morgan Chase is doubling down on the physical storefront known as the bank branch.
Under pressure to cut expenses after the financial crisis, U.S. banks have been shuttering branches for most of the last decade. That trend accelerated as Americans got used to banking online and then on mobile phones.
But J.P. Morgan is opening 50 new branches in Philadelphia, Delaware and southern New Jersey over the next five years, the bank said in a release. It’s part of a plan disclosed in January to open 400 branches across the U.S., an aggressive move to use its corporate tax cut windfall to strengthen what is already the biggest U.S. bank by deposits and assets.
