America’s largest bank is betting big on the U.S. capital.
JPMorgan Chase announced on Thursday that it’s opening as many as 70 branches and hiring up to 700 new employees in Virginia, Maryland and Washington, D.C., as part of a push to increase brick-and-mortar locations in up to 20 new U.S. markets within the next five years.
To top it off, Jamie Dimon, chairman and CEO of JPMorgan Chase, has committed $4 billion for regional home and small-business lending.
“We have been doing business in the D.C. region since 1999, and we’re excited to now expand our consumer branch business here,” Dimon said in a statement.
The “strong economy” is a key factor as the bank works to increase the number of customers it has in the D.C. area, according to Thasunda Duckett, CEO of consumer banking at Chase.
“We see a huge opportunity to deepen that relationship,” Duckett told FOX Business.
The firm, which is looking for staff to support its new locations, has partnered with local community colleges and universities to attract talent. Executives have pledged to pay workers at least $16.50 an hour with full benefits.
The new facilities not only will be “green,” drawing on renewable power such as solar and wind but also will have the latest digital technology and ATMs.
“Clearly, when you think about years ago, we didn't have all digital capabilities, we didn't have all of the different technology advancements, not just on our phones but also within our four walls,” Duckett said. “And, so now, when we enter a market it will be different.”
The expansion is part of a broader national push for the firm, which hopes to grow in 15 to 20 other U.S. markets before 2023, adding 400 new branches to the 5,130 it already has nationally.
Duckett said next on tap for growth is Philadelphia and Boston.