As J.P. Morgan seeks to cover most of the U.S. population with branches by 2022, it is heightening a rivalry with the country's biggest banks. Banks of all sizes are competing for deposits to fuel growth.
As J.P. Morgan Chase builds out its web of branches across the U.S., it is launching into areas long dominated by two of its biggest rivals.
The new markets are Charlotte and Raleigh, North Carolina; Greenville, South Carolina; Kansas City, Kansas; Minneapolis; Nashville, Tennessee; Pittsburgh; Providence, Rhode Island; and St. Louis. "There's competition in every single one of these cities, whether it's from big banks or smaller ones," said Dan Deegan, J.P. Morgan's head of market expansion.
J.P. Morgan said it will open 90 new branches this year, although most of those will be in the Washington D.C., Philadelphia and Boston areas, Deegan said. With Wednesday's announcement, the bank has disclosed the majority of new markets it plans to enter, he said.
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