José A. Alvarado Jr.

Photographer
 
Location: New York City, New York
Nationality: Puerto Rican American
Biography: José A. Alvarado Jr. is a Puerto Rican photographer dedicated to documenting class inequality, civic engagement, and contemporary issues in Puerto Rico and New York City. He works primarily in long-form storytelling, using visual imagery... MORE
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for The Wall Street Journal: America’s Biggest Bank Is Growing the Old-Fashioned Way: Branches
josé a. alvarado jr.
Feb 7, 2024
Location: New York, New York
Summary
Banking has gone digital, but JPMorgan is building bricks-and-mortar branches
JPMorgan Chase is giving the humble bank branch some swagger.

Hundreds of branches at rival banks are being closed each year, and customers are shunning the teller and choosing the mobile app. But at the nation’s biggest bank, old-fashioned bricks-and-mortar locations are part of the secret sauce.

The bank Tuesday announced plans to double down, continuing a yearslong strategy. JPMorgan plans to build 500 new branches in the next three years, it said, confirming an earlier report in The Wall Street Journal. The multibillion-dollar investment will fill out cities it has recently entered such as Boston, Philadelphia and Charlotte, N.C. For context: Only 17 banks have more than 500 branches today. JPMorgan has close to 5,000.

“It is a love affair with branches, just to be totally clear,” Jennifer Piepszak, a top JPMorgan executive, told analysts last year.

It was 2018 when JPMorgan first said it would open hundreds of branches—a plan that was met with skepticism by analysts. After all, branches seemed passé even then.

But JPMorgan wasn’t kidding. In the six years since, it has opened more than 650 new branches and entered 25 new states. It is the first bank with branches in all 48 contiguous U.S. states. Executives say the payout has exceeded expectations.

Photographed for The Wall Street Journal, with words by David Benoit

https://www.wsj.com/finance/banking/jpmorgan-chase-bank-branches-expansion-cc7973dc?st=5pvpehsy39kwr2j​​​
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for The Wall Street Journal: America’s Biggest Bank Is Growing the Old-Fashioned Way: Branches by José A. Alvarado Jr.
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