JPMorgan America’s Biggest Bank öppnar nya kontor
Hundreds of branches at rival banks are being closed each year. But at the nation’s biggest bank, old-fashioned bricks-and-mortar locations are part of the secret sauce.
JPMorgan plans to build 500 new branches in the next three years
Only 17 banks have more than 500 branches today.
JPMorgan has close to 5,000.
It was 2018 when JPMorgan first said it would open hundreds of branches—a plan that was met with skepticism by analysts. After all, branches seemed passé even then.
JPMorgan now has more than $2 trillion in deposits, nearly double what it had a decade ago. In 2021, it surpassed Bank of America as the biggest total deposit holder
Leaders at the big banks believe branches remain the key ingredient to drawing in new consumer and small-business clients, even in an increasingly digital world.
Most customers still use a branch at some point during the year. Even college-age kids and tech-obsessed Gen Z choose their bank based partly on whether they can get to a branch easily, the banks say.
Small-business clients are core users and still bring wads of cash to branches weekly.
Wall Street Journal 6 February 2024