JP Morgan Chase says it expects to open 10-12 branches in Delaware within the next five years.
“We are continuously looking for optimal branch locations but it’s too early to share any location details” including whether it will open branches downstate, said spokesperson Ashlei Bobo. She did say that Chase has committed to opening at least 30% of its branches in low- to-moderate-income neighborhoods.
Chase opened its first Delaware branch in December at its North Walnut Street headquarters in downtown Wilmington. It also has an ATM location at the University of Delaware’s Purnell Hall and is planning an employee-only branch at its Newark Corporate Center.
The nation’s largest bank said in September that it plans to open 50 branches in the Philadelphia are over the next five years, a decision that analysts say is counter to what Chase’s competitors are doing in terms of shutting branches and reducing hours as more customers turn to digital banking.
“Branches are still very important to our customers,” Bobo said. “In fact, 1 million people visit our branches every day. For this reason, we’re entering new markets with a mix of different branch types including full service and digital-first locations, and enhanced ATMs that can perform more than 70% of teller transactions. We’re building our new branches to be more open and collaborative. We’ll have lounges, digital advice bars, free Wi-Fi, etc. that make the space both comfortable and inviting.”
Since the September announcement, Chase has opened four branches: Camden, New Jersey; Center City Philadelphia; Villanova; and Wilmington.
Bobo said branches normally employ five to seven people and addressed the question about how Chase is handling the minimum-wage issue.
“As a firm, we’re proud of how we continue to invest in our workforce,” she said. “Entry-level employees will be paid not less than $16.50/hour and will also receive the firm’s full benefits package — valued at an average of $12,000 — whether part time or full time, including health care coverage and retirement savings.
To help ease the burden of out-of-pocket medical expenses, [we] also recently reduced medical plan deductibles by $750 per year for employees making less than $60,000.”