JPMorgan Chase announces aggressive bank expansion, adding over 500 new U.S. branch locations by 2027. The expansion aims to broaden JPMorgan's footprint in under-represented areas, including Boston, Charlotte, Washington D.C., Minneapolis, and Philadelphia. The investment is multi-billion dollars, but the exact amount is undisclosed. JPMorgan currently has the largest network with 4,897 branches, while Bank of America has 3,845. The bank plans to renovate 1,700 existing branches, hire 3,500 more employees, and close 30 branches acquired in the First Republic Bank takeover. It will also overhaul some First Republic locations for affluent clients.
