Dive Brief:
- JPMorgan Chase opened its flagship branch in Midtown Manhattan last week, the bank’s first step in a larger effort to expand its brick-and-mortar presence in the U.S.
- The bank plans to hire 3,000 employees as part of its overall expansion, which includes 400 branches in 20 new markets. The flagship branch includes an open floor plan and roaming tellers that use tablets to service customers.
- JPMorgan Chase CEO Jamie Dimon said the new markets include cities that “are right at the heart of some of our competitors,” as reported by Yahoo Finance.
Dive Insight:
Chase, which is the U.S. consumer and commercial banking business of JPMorgan Chase, plans to open 30% of the new branches in low- to moderate-income neighborhoods.
Chase said it plans to introduce additional branch locations across the U.S. over the next few years, including downtown Los Angeles and Chicago.
In a release, Chase said the flagship space in New York will also serve as a gathering place for after-hours community events and discussions called “Chase Chats.”
The bank said the small group discussions, which are open to customers, will feature experts, special guests and bankers.
The branch will also feature conversations with Chase brand ambassadors, including retired NASA Astronaut Scott Kelly, gold medalist skier Lindsay Vonn and former NFL player Victor Cruz.
Chase’s unveiling of its flagship branch follows the company’s announcement in June that it was closing its digital banking app, Finn.
The app, which the bank rolled out last year in an attempt to attract younger customers, only attracted 47,000 users, according to estimates from Cornerstone Advisors.
Chase spokesperson Pablo Rodriguez told CNBC the bank decided to focus on its existing Chase mobile banking app, adding it’s already popular among millennials.
“We’re leaning in on that, rather than continuing to build a brand from scratch,” he said.
