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JPMorgan Chase plans to scale back its branch expansion, cut hundreds of investment banking technology jobs and sharpen its focus on affluent customers and international markets, Todd Maclin and other executives say.
February 28 -
JPMorgan Chase & Co. is planning to open between 25 and 30 branches in Northern California this year as part of its ongoing quest to add market share in the nation's largest state.
February 22 - California
JPMorgan Chase & Co.'s push into California is a blessing or a curse, depending whom you ask, but it is definitely having a competitive impact.
June 6 -
The additions would come as JPMorgan Chase looks to aggressively grow its network in Florida and California, said Charlie Scharf, the company's chief of retail financial services.
February 15
JPMorgan Chase (JPM) has opened its 1,000th branch in California.
The nation's biggest bank by assets said Monday it would inaugurate the new office, which is located in San Jose, with celebrations at both the branch in San Jose and another that the bank opened recently in San Francisco.
JPMorgan employs 21,000 people in California, where it has opened roughly 300 branches in the past four years, according to the company. It gained a retail presence in the state in 2008 with its takeover of Washington Mutual and the failed lender's roughly 700 branches there.
"In four years, we've gone from not being in California at all to being the second-largest bank in the state," Ryan McInerney, chief executive of consumer banking at JPMorgan, said in a news release. "We now serve 15 million Californians, and we feel like this is home to us."
The openings come nearly a year after JPMorgan said it would
In all, JPMorgan has roughly 5,550 branches in 23 states.
The new branches, located at 2436 Almaden Road in San Jose and 3301 Geary Blvd. in San Francisco, feature self-service banking kiosks and the ability to issue debit cards instantly, JPMorgan said.
