JPMorgan Chase has reached a major milestone in its nationwide expansion, opening its 1,000th new branch since launching an aggressive growth strategy in 2018. The latest branch, located in Charlotte, North Carolina, marks a significant point in the bank’s seven-year initiative to expand into new markets and serve a broader segment of the U.S. population. JPMorgan Chairman and CEO Jamie Dimon attended the ribbon-cutting ceremony in Charlotte, reinforcing the company’s commitment to long-term investment in physical banking infrastructure.
The bank now operates approximately 5,000 branches—more than any other U.S. bank—according to recent Federal Reserve data. Jennifer Roberts, CEO of Chase Consumer Banking, emphasized that the milestone highlights the company’s dedication to sustained growth. “A thousand [branches] is significant – a thousand is bigger than many regional competitors have at all,” she noted.
Back in 2018, JPMorgan had a presence in 23 states and set a goal to expand into as many as 20 new markets, initially planning around 400 new branches. By 2021, the bank had established locations in all 48 contiguous states. In 2024, it announced a multibillion-dollar plan to add 500 more branches by 2027, reinforcing its role as a dominant force in traditional banking.
Unlike many competitors that have scaled back brick-and-mortar operations due to the rise of digital banking, JPMorgan has gone in the opposite direction—outpacing its peers in opening new branches. In fact, it has opened more branches over the past seven years than all other large banks combined. This trend is prompting rivals like Bank of America and Wells Fargo to re-evaluate their own growth plans. Bank of America is aiming to open 150 new branches by 2027, and Wells Fargo is also adding more locations following regulatory clearance to expand.
This shift comes amid a broader reversal of the post-2008 trend that saw U.S. bank branches decline due to consolidation and online banking. In recent years, however, physical locations have regained strategic importance, particularly in fast-growing regions impacted by population shifts during and after the pandemic.
Charlotte, where JPMorgan’s 1,000th branch opened, is a strategic location due to its economic growth and youthful demographic. Although Bank of America dominates the Charlotte market with a 71% share, JPMorgan aims to strengthen its position with approximately 75 branches in North Carolina. Roberts pointed to the influx of wealth and population growth in the area as key reasons for the expansion.
The financial impact of these new branches is already being felt. At its most recent investor day, JPMorgan estimated that its newer branches will collectively generate over $160 billion in incremental deposits. Each location is expected to reach break-even within four years of opening.
