Chase’s Blitz: 40 fresh Philly branches, while rivals close doors.

JPMorgan Chase & Co. plans to open 40 new Chase bank branches in the Philadelphia area by 2027. This expansion is part of the company’s strategy to increase its physical locations, despite the trend of consumers banking online and through smartphone apps. JPMorgan Chase CEO Jamie Dimon believes that well-located branches can still be profitable by enticing customers to use its various banking services. Since entering the Philadelphia market in the late 2010s, JPMorgan Chase has become the largest U.S. bank network with around 5,000 branches. The company also plans to hire around 300 workers to staff the new branches, starting at a minimum wage of $20 an hour with benefits. The bank’s goal is to have 30% of its branches in low- and moderate-income communities. Bank of America is also reversing its trend of cutting branches and plans to add branches in new markets. JPMorgan Chase has targeted several other cities, including New York, Washington, Minneapolis, and Charlotte, for branch expansion in the next three years. Each branch is expected to cost $2.5 million to $3 million to establish.