The country's largest bank is launching a major expansion in the Washington region.
Global financial services firm JPMorgan Chase plans to open up to 70 new branches in the D.C. area and hire up to 700 new employees as part of its five-year, $20B nationwide expansion, the company said Thursday.
The D.C. expansion will focus on helping low-income areas and small businesses. JPMorgan said 20% of its branches will be in low- to moderate-income communities such as Wards 7 and 8, Prince George's County and Baltimore.
The bank also committed $4B over five years for regional home and small-business lending, and it will increase its lending for affordable housing by nearly 50%. Additionally, it said it would increase philanthropic investment in the D.C. region from $10M to $25M.
JPMorgan currently has 5,310 U.S. branches in 23 states. In January, the firm announced plans to expand to 15 to 20 new U.S. markets with 400 new branches, and it has decided to start in Virginia, D.C. and Maryland.
"We have been doing business in the D.C. region since 1999," JPMorgan Chase CEO Jamie Dimon said in a release. "With this will come more than just new branches. We will lend money for affordable housing, home mortgages and small business growth. We will help customers bank and support business clients, large and small. And we will combine the best of our business and philanthropy to help more communities benefit from regional economic growth."
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