JPMorgan Flaunts Its Branch Expansion on BofA, Wells Fargo Home Turf

Every summer, Jamie Dimon tours JPMorgan Chase & Co. branches around the country. Last week’s visit to a new outpost in Charlotte, North Carolina, gave the chief executive a fitting backdrop to tout the bank’s national retail expansion. The opening, mere miles from the corporate offices of its biggest rivals, marked 1,000 new locations in the past seven years.

It also marked the widening retail gap between the New York-based bank and its closest competitors, Bank of America Corp. and Wells Fargo & Co. While all three shuttered branches during the pandemic, JPMorgan simultaneously expanded to dozens of new markets. For the past two years, it has been opening more locations than it closed. It now has nearly 5,000 branches, roughly on par with its retail footprint from 2018, but now boasts locations across the lower 48.