JPMorgan Chase has committed to opening 400 new branches across the US, as part of a $20 billion investment initiative.
The five-year plan is designed to help employees and support job and local economic growth in the US. The bank will open branches in several new US markets, increase wages and benefits for hourly employees, make increased small business and mortgage lending commitments, and add 4,000 new jobs.
Wages will increase by 10 per cent on average for 22,000 employees, while small business lending will grow by $4 billion.
Jamie Dimon, chairman and CEO of JPMorgan Chase, commented: “Having a healthy, strong company allows us to make these long-term, sustainable investments. We are excited about further investing in our outstanding workforce and expanding into new US markets. When we enter a community, we enter it with the full force of JPMorgan Chase behind it.
“This company has made a significant economic impact in all of the communities we operate in, and we are excited to become an even more relevant part of many others.”
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