JPMorgan Chase will launch a branch network in Delaware and the Delaware Valley.
The expansion is part of the firm’s recent $20 billion, five-year investment in its business and local economic growth. Plans had earlier been disclosed in regulatory filings.
Over the next five years, JPMorgan Chase intends to open approximately 50 new branches and hire 300 new employees in the Delaware Valley region
Plans call for 10 branch offices in Delaware, a major employment center for the financial services company, an equal number of branchesin South Jersey and 30 offices in the Philadelphia area, according to spokesperson Carolyn Evert, vice president of northeast communications.
Chase had refrained from opening branches in Delaware, despite its continuing expansion in New Castle County. Wilmington is the headquarters of the company’s credit card business and the company operates a technology hub at a former AstraZeneca campus near Wilmington.
The first two branches are slated to open at or near JPMorgan Chase employment centers at:
- 201 N Walnut, Wilmington DE (early December)
- 500 Stanton Christina Rd, Newark DE (2019)
The company has nearly 5,100 branches in 23 states and plans to open 400 new branches and hire as many as 3,000 employees in new markets in the next five years.
The expansion runs counter to other banks that have been closing branches as more people make routine transactions.
Earlier, Wilmington-based WSFS announced plans to acquire Philadelphia’s Beneficial Bancorp and will close about 25 percent of mainly Beneficial offices, while plowing the savings into technology improvements.
Chase is also investing heavily in technology. That includes apps that aim to appeal to younger people who “live” on their mobile devices.
“The Delaware Valley is an incredibly important market for us,” said Jamie Dimon, chairman and CEO. “We already have thousands of employees here that serve our customers every day. This will create even more well-paying jobs with healthcare and retirement plans for people in the area, and better serve our existing and new customers.”
This expansion will add to the firm’s current base of more than one million consumers and over 30,000 business clients in Philadelphia and the Delaware Valley region.
The bank has been doing business in the Philadelphia region for nearly 20 years. JPMorgan Chase has more than 11,000 employees in Delaware and is the second largest employer in the state. The company has five sites in Wilmington, Newark/Stanton and Fairfax, Evert said.
One-third of employees working in technology jobs that support all lines of business, with 60 percent working in consumer and community banking, with a majority of these employees working in the credit card business.
“To us, this expansion is so much more than building a branch. This is about new relationships with customers, communities and employees,” said Thasunda Duckett, CEO, Chase Consumer Banking. “When we build a branch, we lift the whole community around it – contractors to build the branches, cafes and other small businesses to support the customer traffic. It’s a very positive ripple effect.”
The firm is actively hiring staff to support its new branches in the Delaware Valley. Entry-level employees in Philadelphia branches will be paid no less than $16.50/hour and will receive the firm’s full benefits package, which is valued at an average of $12,000 annually per employee in this pay range.
Benefits include health care coverage and retirement savings, as well. To help ease the burden of out-of-pocket medical expenses, the firm also recently reduced medical plan deductibles by $750 per year for employees making less than $60,000.
In addition to expanding its branch network to the region, JPMorgan Chase announced local commitments that include.
Home & Small Business Lending:The bank will invest $3 billion for mortgage and small business lending in the region over the next five years.
- Home loans will include low-and moderate-income communities. Eligible customers will also receive up to $3,000 in homeownership grants that reduce the cash customers are required to contribute at purchase and can be used towards closing costs and a down payment—two common barriers to buying a home.
- Small businesses will have access to dedicated bankers and products including small business loans, merchant services, cash management and credit card services. Also, through its Small Business Forward initiative, the firm will provide women, minority- and veteran-owned small businesses with increased access to capital and technical assistance.
The company also announced Spectrum Scholars, a college-to-careers program for students with autism who want to study computer science or electrical and computer engineering. (See link to story below).
To learn more about JPMorgan Chase’s expansion into Philadelphia and the Delaware Valley, visit chase.com/philly.