JPMorgan Opens First Retail Branch in Washington DC

JPMorgan has announced opening of its first retail branch in Greater Washington, D.C. The bank will also be investing in the region to boost the regional economy.

Five more branches will be opened in Greater Washington by this year end and about 80 new employees will be hired by the company. Every new branch will employ nine people, including bankers, tellers and branch managers.

“Greater Washington is a great place to live and do business. We’re incredibly excited to open our first branch in the region,” said Peter Scher, JPMorgan’s Chairman for the Mid-Atlantic Region and Global Head of Corporate Responsibility. “As the region continues its extraordinary growth, we want to play our part in creating economic opportunity for more people here.”

JPMorgan had announced in April this year that the company plans to open 70 new branches in the region and hire 700 new employees. About 20 percent of new branches will be opened in areas where low and moderate income communities live in the Greater Washington region. To boost regional economy, the bank will also be investing $4 billion on regional home, small business lending, and $500 million will be invested for affordable rental housing.

JPMorgan has engaged in business in Greater Washington region for about 20 years. The bank has over two million consumers and more than 70,000 business clients in the region. But Wells Fargo, Bank of America and PNC Financial, among other banks, will be giving a tough competition to the bank in the region.       

Earlier this year, JPMorgan had announced its expansion plan, saying it will open 400 new branches in new markets by 2023. Till September 30, 2018, the bank had about 5,100 branches.