JPMorgan Wants to Open 160 Branches in 2026

That’s according to a Wednesday (Feb. 18) report from the Financial Times (FT), which characterizes the effort as part of a larger push by American lenders to address consumers’ desire for in-person banking.

The expansion, due to be announced Wednesday, will cover states including Kansas, Florida, Pennsylvania, Massachusetts, Tennessee and the Carolinas, part of a 2024 pledge by the country’s largest bank to open upwards of 500 branches in three years.

J.P. Morgan’s Chase consumer banking brand has branches in every state within the continental U.S., the report added, and is expanding to help reach its goal of having 15% of the country’s retail deposits.

“We know that building branches and getting into markets is a critical part of getting that deposit share,” Jennifer Roberts, chief executive of Chase consumer banking, told the FT.

Roberts added that the bank plans for the new branches to reach profitability in four years, and is reaching that target “months” sooner than planned due to growth in deposits, card customers and wealth management clients at the in-person locations.

The FT points out that this strategy comes at a time when banks in the UK are shuttering branches, while J.P. Morgan’s American competitors are opening new physical locations.

For example, Truist announced in August it would open 100 new branches and renovate 300 more in cities around the U.S., including Philadelphia, Dallas, Atlanta, Austin, Miami and Washington, all places with the potential to build relationships with wealthier clients.

“Physical and human advisory still matters,” Truist Chief Consumer and Small Business Banking Officer Dontá Wilson told Bloomberg News at the time of the announcement. “We’re big enough to afford and invest in all the digital technology capabilities. But we also operate in these community-oriented ways that are deeply relational.”

And one year after J.P. Morgan announced its 500-location target, Bank of America said it plans to open 150 new branches by the end of 2027.

While both banks “conceded that local offices won’t supplant the convenience digital banking offers, both also said they recognize physical locations give consumers a place to go when they want to discuss loans or seek financial advice,” as PYMNTS wrote in 2024.

Research by PYMNTS Intelligence shows a desire among consumers for in-person banking experiences, even as they embrace digital channels. For example, 46% of Gen Z consumers say they prefer in-person interactions when seeking financial advice.