JPMorgan Chase’s Jamie Dimon promised “hundreds of new branches” in new markets in an earnings announcement Friday, and regulatory filings show that the company will be pushing into four new cities where it does not currently have a presence: Minneapolis, Nashville, Kansas City and Raleigh.
Dimon said the company (JPM) had already muscled its way into Boston, Philadelphia and Washington, D.C. as part of an aggressive branch expansion project that would help JPMorgan Chase challenge the other large consumer retail banks: Bank of America (BAC) and Wells Fargo (WFC).
Filings with the Office of the Comptroller of the Currency, one of the primary bank regulators, revealed that the company is planning a branch in St. Paul and another in Minneapolis on the University of Minnesota campus. It’s expansion into the Minneapolis area means that JPMorgan Chase will directly challenge U.S. Bancorp (USB), which is headquartered in the region and among the ten largest U.S. banks.
JPMorgan Chase also submitted applications for one branch in the eastern side of Nashville, Tenn. and another branch in Kansas City, along the road that divides the Missouri and Kansas sections of the city. In North Carolina’s Research Triangle, JPMorgan Chase is planning a branch in Raleigh and then another in Chapel Hill.
Dimon said changes in regulatory policy and corporate taxes enabled the company to make the investment.
“Every time we open branches in a new market, we bring the full force of JPMorgan Chase to that community,” Dimon said in the earnings release.
JPMorgan Chase reported estimates-beating earnings for the third quarter of 2018, partly due to higher core loan growth of 6% year-over-year. The company did, however, report a 7% year-over-year increase in noninterest expenses, which it attributed to investments like the branch expansion.
Brian Cheung is an on-air reporter covering the banking industry and the intersection of finance and policy for Yahoo Finance. Follow him on Twitter @bcheungz.