JPMorgan Chase also plans to expand its small business lending and step up activities in the affordable housing space.
NEW YORK CITY—As part of a $20-billion investment plan announced Tuesday, JPMorgan Chase plans to add as many as 4,000 jobs and 400 bank branches in new US markets. The financial services giant also plans to step up lending in the affordable housing arena, at both the single-family and multifamily levels.
At present, Chase has 5,130 branches in 23 states and intends to expand by 15 to 20 new markets in several new states over the next five years. “The heart of our company is our retail branches,” says Gordon Smith, CEO of consumer & community banking, Chase. “We are a leader in 23 states, but aren’t yet in major markets like Washington, DC, Boston, Philadelphia and many others. Now that we are planning to expand into new markets, we will hire thousands of new employees and help consumers and small businesses in these areas.”
In addition to incremental small business lending from the new branches, Chase plans to hire 500 new bankers dedicated to supporting local businesses where it already has a presence. These new branches and bankers will help increase small business lending by $4 billion over three years.
The company plans to open new offices this year in Charleston, SC and Bethesda, MD in support of this initiative. It’s also evaluating other locations for future expansion of the small business lending program.
As a component of its affordable housing plan, Chase plans to hire 500 new home lending advisers and increase home ownership grants to $2,500 for customers in low- and moderate-income communities. Plans also call for the grant program to be expanded from the current 40 markets to be available nationwide. On the rental side, the company plans to lend $7 billion over a five-year period through commercial and nonprofit housing partners to preserve affordable units in distressed communities.
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