JPMorgan (JPM - Free Report) recently announced that it plans to expand in New England region. This is part of the company’s initiative to expand into 15-20 new markets, which was unveiled in January 2018. The bank will be opening at least 60 retail branches, 130 ATMs and hire nearly 350 new employees in the region by the end of 2023.
Specifically, JPMorgan intends to enter Greater Boston by opening 50 retail banking branches, while around 8-10 are likely to be located in Rhode Island. Further, the bank will likely add one or two branches in New Hampshire and Maine.
Notably, JPMorgan has been doing business in Boston for quite some time, mainly in commercial banking and wealth management areas. The bank is expected to open its first branch in the Boston area by mid-December in Dedham, and by 2019-end around 12-15 branches are will likely to opened.
Further, Thasunda Duckett, CEO of JPMorgan’s consumer banking business, stated that approximately 20% of these new branches will be located in low-and moderate-income neighborhoods.The bank’s both branch models — traditional branch and “Everyday Express” branch — will be used in the region.
Additionally, in New England region (comprising of six states of the northeastern United States Maine, Vermont, New Hampshire, Massachusetts, Rhode Island and Connecticut), JPMorgan faces tough competition from Bank of America (BAC - Free Report) , Citizens Financial Group (CFG - Free Report) and The Toronto-Dominion Bank (TD - Free Report) , among others.
Nonetheless, the bank’s top executives are aware of the fierce competition in the region and expect to succeed in turning the branches profitable in the long run. Duckett added, “We definitely recognize that all competition is fierce, but it’s fierce in all of the markets where we do business. That’s not new to us. We’re here for the long haul. This is not a test lab. We’re committed to Boston, and we’ll remain committed to Boston.”
This news followed last week’s announcement of JPMorgan’s foray into retail banking in Philadelphia with plans to open 50 branches in the state and opening additional 60 branches in Florida and Georgia. Earlier in April, the company had announced its plan to open nearly 70 branches in Washington, D.C.
Shares of JPMorgan have rallied 8.3% so far this year against the industry’s decline of 1.2%.
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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