Chase has announced it is expanding its retail footprint into nine of the top American markets, as well as opening dozens of new locations in the greater Washington, D.C area, Philadelphia and Boston.
Chase plans to open 90 new branches and hire 700 employees by the end of 2018. Over the next five years, the bank plans to open 400 new locations, which will need about 3,000 employees.
The bank said about 30 percent of the branches will be in low or moderately low income communities. The new locations will include Charlotte, North Carolina; St. Louis, Missouri; Pittsburgh, Pennsylvania; Kansas City, Kansas and Greenville, South Carolina, among others.
Chase said it will also open branches in locations close to major universities in Auburn, Alabama and Lincoln, Nebraska.
“This expansion marks a major milestone for our firm by allowing us to serve more customers, small businesses and communities across the country,” said Thasunda Duckett, CEO of consumer banking for Chase. “To us, this is so much more than building branches. This is about new customer relationships, and better access to credit and local jobs.”
The branches will be “a mix of full-service branches that help customers and local small businesses with more complex needs, like lending and advice, as well as smaller, digital-first locations that assist customers [with managing] everyday transactions,” Chase said. “New branches will include modern design elements and feature open, collaborative spaces with ample room for meetings and Chase Chats, a new series of small group sessions focused on financial health.”
Compensation for entry-level employees will be no less than $15 to $16.50 an hour with full benefits, Chase said, including healthcare coverage and retirement savings. Chase said it also “recently reduced medical plan deductibles by $750 per year for employees making less than $60,000.”
The new branches will start opening in the summer, the bank said.