On Wednesday, the 13th of March 2019, the JPMorgan Chase & Co.’s consumer banking unit had said that they would be launching 90 new branches on their US markets, as competitions for deposits and loans among the three biggest banks of the country had been getting intensified.
When it comes to deposit and loans, JPMorgan, Bank of America Corp., alongside Wells Fargo & Co. had been engaged in a tit-for-tat kind of rivalries. In fact, to fathom up with growing pressure in the US markets, the Bank of America had planned to open 500 new US branches earlier in 2018, over a period of 3 years.
According to the JPMorgan Chase & Co., the US lender would also be hiring up to 700 employees in multiple US markets including North Carolina, Charlotte, Minnesota, Minneapolis, Pennsylvania, Pittsburgh from this summer.
As an attempt to expand their markets, the largest US lender had also planned to open some of their branches in Boston, Philadelphia and Greater Washington in the district of Columbia, a market in which they had recently launched their operations.
JPMorgan’s recent move appears to be a part of program it mentioned last year, as it had been quoted saying last year that it would be launching 400 new branches, among which 30 percent would be serving low-to-moderate income communities and would be hiring at least 3,000 employees over the next five years in order to expand their market.