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NEW YORK - JPMorgan Chase (NYSE: JPM), a prominent player in the banking industry with a market capitalization of over $818 billion, has completed construction of its 1,000th branch since launching its market expansion initiative in 2018, the bank announced Thursday. According to InvestingPro data, the banking giant has demonstrated strong financial performance with revenues reaching $163.65 billion in the last twelve months.
The milestone was marked with a ribbon-cutting ceremony in Charlotte, North Carolina, as part of the bank’s ongoing efforts to expand its physical presence across the United States.
"Every day, nearly one million customers visit our branches to manage their finances or get advice," said Jennifer Roberts, CEO of Chase Consumer Banking, in a press release statement.
The bank plans to continue expanding in low-to-moderate income and rural communities with limited access to traditional banking services, as well as markets including Boston, Charlotte, Philadelphia, Raleigh and Washington, D.C.
According to the company, Chase now covers 68% of the U.S. population within an accessible drive time to one of its branches. The bank aims to reach 75% of the national population and over 50% within each state through its expansion plans.
Chase expects to add 500 more new branches by early 2027. When the expansion is completed, the bank will have added more than 1,100 branches, renovated 4,300 locations, entered 80 markets and hired over 10,500 employees to its Consumer Bank team since 2018.
The bank operates various branch formats based on community needs, including 19 Community Centers designed to expand access to banking services in underserved areas. Chase is also expanding its affluent offering with plans to have 31 J.P. Morgan Financial Centers open by the end of next year.
Chase currently serves nearly 80 million consumers and close to 6 million small businesses across the United States, according to the company. For investors seeking deeper insights into JPMorgan Chase’s performance and outlook, InvestingPro offers exclusive analysis through its comprehensive Pro Research Report, featuring detailed metrics and expert analysis of one of America’s largest banks.
In other recent news, FedEx has integrated J.P. Morgan Payments’ Supply Chain Finance solution with Oracle Fusion Cloud ERP to enhance its working capital management. This integration allows FedEx to configure the system directly within Oracle Cloud ERP, simplifying what would typically be a lengthy development process. Additionally, JPMorgan Chase has partnered with Coinbase to expand cryptocurrency access options for their customers. This partnership introduces features such as a direct bank-to-wallet connection and the ability for Chase customers to transfer Ultimate Rewards points to Coinbase accounts.
Moreover, Chase and the Independent Restaurant Coalition have launched a $4 million grant program aimed at supporting independent restaurants and bars across the United States. The program includes the IRC and Chase Innovator Awards and the IRC and Chase Disaster Relief Fund. Meanwhile, Yerbol Orynbayev, former Deputy Prime Minister of Kazakhstan, has advised the Federal Reserve to tighten its bank stress tests to prevent a potential financial crash, despite all 22 major U.S. banks passing the recent tests. These developments reflect significant movements in both the financial services and restaurant industries.
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