The new branches, which are expected to employ around 3,000 people, will help to increase small business lending and philanthropic investments and support local low and moderate-income communities.
At present, the company is operating 5,130 branches in 23 states of the US, and is planning to expand between 15 and 20 new markets in various new states in the next five years.
Chase provides services to 61 million US households across its consumer and community banking franchise, and supported over $900bn in consumer and small business spending via credit and debit card products in 2017.
According to Chase, the card, home lending, auto finance, merchant services and business banking businesses are large national businesses.
The $20bn investment will also include the increasing of wages and benefits to around 22,000 employees.
JPMorgan Chase consumer and community banking CEO Gordon Smith said: “We are a leader in 23 states, but aren’t yet in major markets like Washington D.C., Boston, Philadelphia, and many others.
“Now that we are planning to expand into new markets, we will hire thousands of new employees and help consumers and small businesses in these areas.”
JPMorgan Chase chairman and CEO Jamie Dimon said: “We are excited about further investing in our outstanding workforce and expanding into new U.S. markets. When we enter a community, we enter it with the full force of JPMorgan Chase behind it.”
In October 2018, JPMorgan Chase agreed to acquire US-based payments company WePay.
Founded in 2008, WePay offers payments-as-a-service APIs, as well as payment, risk and support products and services to software and platform companies.
Image: JPMorgan Chase headquarters in Manhattan, New York City, New York, US. Photo: courtesy of official-ly cool/Wikipedia.
