Banker & Tradesman file photo
From previously targeting to open 90 branches, JPMorgan Chase has set a new expansion goal of 110 branches in Massachusetts by 2027 bank executives express optimism about branch-based growth in the state.
Chase announced today that it is adding more than 50 branches in the next three years in new communities like Brockton, New Bedford, Orleans, Lowell and Brighton from its current Massachusetts branch footprint of 59.
Beyond the locations mentioned, the bank is also planning more branch locations in Central and Western Massachusetts, and around Greater Boston.
“Expanding our presence in Massachusetts means even more actively contributing to local economic growth and providing exceptional financial services to the communities we serve,” Roxann Cooke, Regional Director for Chase in New England, said in a statement. “The state is home to so many valued customers, clients, employees, and community partners – many new since we opened our first branch here in 2018. We are proud to contribute to the state’s progress and prosperity through our continued investments and initiatives.”
The bank will also hire 500 employees over the next three years. Chase is leading the surge in new bank branches locally and nationwide amid the branch closures of its competitors in the state, it said.
“Massachusetts’ remarkable progress has exceeded expectations, and we are dedicated to ensuring that more individuals can seize the opportunities this city represents,” Jennifer Roberts, CEO of Chase Consumer Banking, said in a statement. “Our expanded branch network, alongside the creation of new job opportunities, will play a pivotal role in strengthening the local economy.”
Chase has commercial banking and private banking teams in Massachusetts, and it said it accelerated its growth and deepened its presence locally in the last five years by adding branches, new teams, and employees.
The bank said it offers a minimum of $20 to 25 per hour locally, depending on work location, as minimum base pay for U.S. overtime-eligible employees, as well as a comprehensive benefits package, which is valued on average around $16,035 per employee.
Chase said it is also pursuing community initiatives in the state, supporting minority communities and peoples of color in Mattapan through its Mattapan Community Center branch, its only community center branch in New England. Community center branches serve as a hub with extra space to host community events such as financial health workshops, and skills training, and offer a storefront for small business pop-ups.
The bank noted that it committed over $25 million in philanthropic initiatives in New England, including an investment to Dorchester Bay Economic Development to support small business preservation. It also committed another $5 million to Boston Medical Group to create long-term economic opportunity and housing stability for historically underserved residents.
The expansion plan in Massachusetts is a part of the greater nationwide expansion plan of Chase, aiming to open more than 500 new branches, renovate around 1,700 locations, and hire 3,500 employees over the next three years across the United States.
