JPMorgan (JPM - Free Report) recently announced that it seeks to expand in Florida and Georgia by opening additional retail branches. This is part of its multiyear branch expansion plan. The bank will open 35 branches in Florida and 25 in Georgia, over the next three years.
Additionally, as part of its expansion plan, JPMorgan will hire more than 350 new employees (in total) in these two states. The new branches will provide a wide range of services including mortgages, financial advisory and business banking and feature latest digital offerings.
JPMorgan had entered Florida and Georgia a decade back following its acquisition of Washington Mutual. Since then, the bank has significantly expanded its operations in the region. At present, it has nearly 400 branches in Florida and approximately 80 in Georgia.
In both these states, JPMorgan faces tough competition from Wells Fargo (WFC - Free Report) , Bank of America (BAC - Free Report) and SunTrust (STI - Free Report) . Nonetheless, the bank is betting on its existing customer base and convenience of digital offering to attract new customers.
Earlier this week, JPMorgan announced that it aims to foray into retail banking in Philadelphia with plans to open 50 branches in the state by 2023. Notably, the company’s both branch models — traditional branch and “Everyday Express” branch —will be used in the region. (Read more: JPMorgan to Expand in Philadelphia, Open 50 Retail Branches).
Earlier in April, JPMorgan had announced its plan to open nearly 70 branches in Washington, D.C, and a similar rollout is expected in Boston as well. Notably, as of Jun 30, 2018, JPMorgan had nearly 5,100 branches.
The stock has rallied 10.6% so far this year, outperforming the industry’s rise of 2%.
Currently, JPMorgan carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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