JPMorgan Chase & Co. (NYSE:JPM) continues to establish itself in neighboring markets to Philadelphia. The most recent expansion will occur in the Scranton-Wilkes-Barre region, where the company wants to open two retail branches in the coming year.
The nation’s largest bank by assets submitted an application to the Office of the Comptroller of the Currency on August 11 to open a branch at the intersection of Public Square and West Market Street in Wilkes Barre. A spokeswoman stated it would open in summer 2023. Next spring, a second restaurant will open at 203 N. Washington Avenue in Scranton.
Having already provided wealth management and commercial banking, Chase entered the Philadelphia retail sector in late 2018 with ambitions to open at least 50 branches in the Philadelphia metropolitan area during the next five years. Less than four years later, Chase has 48 branches and wants to open eight more by 2024, aiming for a total of 56.
The New York banking behemoth announced in March that it will open two branches in the Lehigh Valley later this year. In June, the company submitted paperwork to open two shops in Harrisburg, which will connect its new footprints in Philadelphia and Pittsburgh. And earlier this month, Chase (NYSE: JPM) announced its intention to expand into southern Delaware.
Chase (NYSE:JPM) has also stated that it would consider expanding into adjacent regions near Philadelphia, including Reading, Lancaster, the Jersey Shore, and southern Delaware.
Philadelphia is one of several significant markets targeted as part of a five-year strategy to create 400 additional branches that will complete the following year. Principal among these markets are Philadelphia, Boston, and Washington, D.C., where the bank plans to open a total of 70 branches. Chase (NYSE:JPM) officials recently disclosed to the Boston Business Journal that the bank’s plans for Boston have significantly grown, as it now intends to add 90 facilities there by 2025. Chase will certainly exceed the present plan for 56 branches in Philadelphia, according to a spokesperson, who did not provide further details.
Chase (NYSE:JPM) is still trying to attain its intended number of branches in the Philadelphia area, but it has already achieved its goals of adding 300 additional retail personnel in this region and placing 30% of its branches in low- and moderate-income communities.
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