JPMorgan Chase plans to open more than 160 new branches across more than 30 states in 2026, part of a multibillion-dollar investment in its brick-and-mortar network. The expansion reflects a wider trend among US banks to capitalize on Americans’ enduring preference for in-person banking, even as digital tools gain prominence. The largest US bank by assets will announce a “major expansion” in states including North and South Carolina, Florida, Pennsylvania, Kansas, Massachusetts, and Tennessee, building on a commitment made in 2024 to open over 500 branches within three years.
Under its Chase consumer brand, JPMorgan already has branches in every US state except Hawaii and Alaska and aims to capture 15 percent of all retail deposits nationwide. “We know that building branches and getting into markets is a critical part of getting that deposit share,” said Jennifer Roberts, chief executive of Chase consumer banking. Roberts added that newly opened branches are achieving profitability faster than expected, driven by growth in deposits, card customers, and wealth management clients.
The strategy contrasts sharply with the approach of UK banks, which have closed significant portions of their branch networks. US competitors, including Bank of America and Fifth Third, are also expanding physical locations. Bank of America opened nearly 50 new branches last year, renovated 150 others, and plans up to 100 more by 2027. Fifth Third has added 172 branches and upgraded 71 locations since 2018, expecting its expansion to boost deposits by $15 billion to $20 billion over the next seven years.
Despite the rise of digital banking, proximity to a branch remains a key factor for new customers. Accenture research shows that over two-thirds of Americans prefer living near a branch, with 71 percent of baby boomers and 63 percent of millennials and Gen Z citing it as important. Huntington Bank found that while half of its new accounts were opened online, 80 percent of those customers lived within five miles of a branch. Experts say branches provide a sense of safety and trust, making them a critical tool for gathering deposits in a competitive market with higher interest rates.
The Financial Times reports that the US banking market, with over 4,000 institutions ranging from national giants to regional banks and credit unions, is more fragmented than markets like the UK, Australia, or Canada. This competition drives banks to invest heavily in physical networks to attract and retain deposits, a strategy that has become a cornerstone of US retail banking despite the ongoing digital shift.
