Latest news with #financialcenters
Entrepreneur
3 days ago
- Business
- Entrepreneur
JPMorgan Is Opening 'Affluent Banking' Centers. Here's Where.
The bank is planning to open 31 new financial centers by the end of 2026. In May 2023, JPMorgan Chase acquired a "substantial majority of assets and assumed the deposits and certain other liabilities" of First Republic Bank after it collapsed and was seized by regulators. The deal also included First Republic's brick-and-mortar locations. Two years later, JPMorgan is announcing what it's doing with the real estate: opening 14 new "J.P. Morgan Financial Centers" in four states that are "thoughtfully designed to cater to the needs of affluent clients," according to a company statement. Related: JPMorgan Chase Says AI Could Cut Headcount By 10% in Some Divisions: 'We Will Deliver More' "Through these Financial Centers, we are redefining how affluent clients are served, offering a highly personalized level of service that is backed by the global capabilities of JPMorganChase," said Jennifer Roberts, CEO of Chase Consumer Banking, in a statement. Two locations are already open, 14 will open in 2025, and then JPMorgan says it is doubling the total to 31 by the end of 2026. The new branches are opening (mostly) in the former First Republic locations that JPMorgan acquired in May 2023, including Palm Beach, Florida; Napa, California; Madison Avenue, New York; and Cambridge, Massachusetts, according to the release. "These new Financial Centers offer a highly personalized service model, providing greater flexibility to meet clients' needs with exceptional attention and care," Roberts said. Related: 'I Defend Your Right to Buy Bitcoin': JPMorgan Will Let Customers Buy Bitcoin, Though CEO Jamie Dimon Still Thinks It's Like a 'Pet Rock' Clients with more than $750,000 in qualifying deposits and investment balances are welcome at the new, office-based model, which was inspired by First Republic, JPMorgan notes. Customers who don't live near a new center can still access the services at their current location or remotely. Chase also offers a lower-tier called "Private Client," which is for clients with $150,000 or more in qualifying deposits and investment balances. It is available in all 5,000 Chase branches nationwide, per the release. Related: 'This Has to Stop': JPMorgan CEO Jamie Dimon Outlines How to Run a Successful Meeting
Associated Press
3 days ago
- Business
- Associated Press
JPMorganChase Accelerates Affluent Offering by Opening 14 New Financial Centers in Four States
NEW YORK--(BUSINESS WIRE)--May 27, 2025-- JPMorganChase today announced it is expanding its affluent banking offering by opening 14 new J.P. Morgan Financial Centers across four states, bringing a uniquely tailored and high-touch experience to millions of potential clients. JPMorganChase leaders will officially open the new centers this week in California, Florida, Massachusetts and New York in local ribbon-cutting ceremonies. Combined with the two J.P. Morgan Financial Centers that opened in late 2024, the firm has a total of 16 locations, with plans to nearly double that by the end of next year. 'Through these Financial Centers, we are redefining how affluent clients are served, offering a highly personalized level of service that is backed by the global capabilities of JPMorganChase,' said Jennifer Roberts, CEO of Chase Consumer Banking. J.P. Morgan Financial Centers are the newest branch format from the nation's largest bank, thoughtfully designed to cater to the needs of affluent clients. Each location features private meeting spaces and distinctive finishes, creating an environment of privacy, sophistication and comfort. Clients who qualify for the J.P. Morgan Private Client offering will benefit from personalized support from a dedicated Senior Private Client Banker who brings the full breadth of JPMorganChase's expertise and extensive banking and wealth management offerings to each and every relationship. 'When we meet with clients, they consistently say they want a relationship that spans across banking, lending and investments, and provides a seamless experience as they navigate the complexities of managing and growing wealth,' Roberts said. 'These new Financial Centers offer a highly personalized service model, providing greater flexibility to meet clients' needs with exceptional attention and care.' A New Standard in Affluent Banking JPMorganChase has been steadily expanding its affluent offering to help clients build better futures for themselves and their families by continuing to offer best-in-class services, products and benefits, based on relationship value. Chase Private Client is a relationship product designed for clients with $150,000 or more in qualifying deposit and investment balances. It is available in all 5,000 Chase branches nationwide. J.P. Morgan Private Client introduces the next level of affluent relationship offerings for clients with more than $750,000 in qualifying deposit and investment balances. Clients receive highly personalized attention from a dedicated banker and a seasoned team of experts across personal banking, business banking, lending and planning. This dedicated partnership includes J.P. Morgan Wealth Management advisors, who deliver industry-leading investment advice and solutions. J.P. Morgan Private Client services are available at the new Financial Centers, and in 14 remote offices nationwide. The office-based model, inspired by First Republic, caters to clients who may find it difficult to meet in person. Each office is led by a Relationship Manager, providing a single point of contact with dedicated support. 'The power of our coverage model means we can serve affluent clients according to their personal preferences,' said Stevie Baron, Head of Affluent Banking. 'Clients can visit a Financial Center, or work with a Relationship Manager in one of our office locations, if that is more convenient. We're excited to expand this new service model across our Financial Centers and remote offices to deliver highly personalized care and full access to the capabilities that JPMorganChase can offer in service of our clients' ambitions for their wealth and legacies.' New Financial Centers Located in Prominent Locations The new Financial Centers are primarily former First Republic locations that were acquired in May 2023. They include some of the most prominent locations in America, including Palm Beach, Florida; Napa, California; Madison Avenue, New York; and Cambridge, Massachusetts. Clients without a nearby Financial Center can still access all the benefits of a J.P. Morgan Private Client relationship through Relationship Managers in offices designed to support clients remotely. To learn more and access a list of J.P. Morgan Financial Center locations, please visit . JPMorganChase Tailors its Branch Network to Meet Client Needs Chase branches operate in several different formats, depending on the specific needs of clients and the community. Some locations include meeting rooms and private spaces for personal conversations, while high-volume, full-service branches feature multiple transaction windows. Chase also operates 19 Community Centers across the country as part of an overall effort to expand access to banking, tools and advice to people who might not otherwise have access to them. These Community Centers are part of Chase's community-inspired branch network, which includes 300 locations in underserved areas. 'We firmly believe that our strategy of an extensive branch network, combined with great digital capabilities, and a team of experts who can advise customers on a variety of topics, leaves us uniquely positioned to be the primary financial partner for our customers today, tomorrow and for many years to come,' Roberts said. Chase has the largest branch network in the United States and is the only bank to have branches in all lower 48 states. Last year Chase opened more than 150 branches and is well on its way to meeting its goal of opening 500 new branches by the end of 2027. About Chase Chase is the U.S. consumer and commercial banking business of JPMorgan Chase & Co. (NYSE: JPM), a leading financial services firm based in the United States of America with assets of $4.4 trillion and operations worldwide. Chase serves more than 84 million consumers and 7 million small businesses, with a broad range of financial services, including personal banking, credit cards, mortgages, auto financing, investment advice, small business loans and payment processing. Customers can choose how and where they want to bank: Nearly 5,000 branches in 48 states and the District of Columbia, more than 15,000 ATMs, mobile, online and by phone. For more information, go to . View source version on CONTACT: Jerry Dubrowski [email protected] Iba Reller [email protected] KEYWORD: NEW YORK UNITED STATES NORTH AMERICA INDUSTRY KEYWORD: BANKING ASSET MANAGEMENT PROFESSIONAL SERVICES FINANCE SOURCE: JPMorgan Chase & Co. Copyright Business Wire 2025. PUB: 05/27/2025 11:16 AM/DISC: 05/27/2025 11:16 AM
Globe and Mail
15-05-2025
- Business
- Globe and Mail
Bank of America to Open Over 150 Financial Centers by 2027, Stock Up
Bank of America BAC plans to open more than 150 new financial centers across 60 markets by the end of 2027. With this move, the bank continues its aggressive expansion as part of a broader strategy to strengthen customer relationships and tap into new markets. BAC plans to open 40 new financial centers in 2025, in addition to 70 more in 2026. Since the announcement of this plan, shares of BAC have risen 3.2%. Strategic Rationale Behind BAC's Expansion Plan Bank of America currently offers banking services to nearly 250 million individuals in over 200 markets, representing approximately 82% of the U.S. population. With ongoing expansion, the company is increasing its physical footprint and adapting to evolving consumer behavior. Since 2014, the bank has steadily expanded its financial center network, entering 11 new markets. Since 2016, BAC has spent more than $5 billion on its financial centers network. The bank has added 471 centers in its existing markets since 2016 in response to changing client preferences. Additionally, the company completed the renovation of more than 3,000 financial centers last year, with plans to complete more than 500 additional renovations over the next two years. Notably, the bank has seen a surge in requests for in-person advisory services to discuss more complex financial issues, despite 90% of its customer interactions taking place online. In 2024, nearly 10 million appointments were scheduled with financial specialists in BAC's financial centers. This shift toward in-person advisory services seems to be driving the company's focus on opening new centers in key regions. Around 30% of the bank's financial centers are in low- and moderate-income communities, which act as a critical tool for deepening relationships with customers. Our Take on BAC's Expansion Strategy The bank's strategic investment in new financial centers and its expansion into new markets reflects a broader industry shift toward optimizing its networks to deepen customer relationships and tap into new business opportunities. The expansion underscores the bank's strategy to modernize its banking locations and enhance customer engagement, providing Bank of America with long-term leverage in the evolving banking landscape. Shares of Bank of America have risen 16.9% in the past year compared with the industry 's growth of 29.5%. Currently, BAC carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. Other Banks Taking Similar Steps In November 2024, The PNC Financial Services Group, Inc. PNC announced plans to increase its branch investment by $500 million to open more than 100 additional financial centers and renovate 200 existing locations across the United States. This was followed by PNC's announcement in February 2024 to invest $1 billion to open more than 100 financial centers and renovate more than 1,200 existing locations by 2028. Similarly, in the same year, JPMorgan JPM announced its plans to open more than 500 new financial centers, renovate roughly 1,700 locations, and hire 3,500 employees by 2027. With this, the company is poised to bring affordable and convenient financial services to communities nationwide. This expansion will enable JPM to foray into several new markets, including low-to-moderate income and rural communities with limited access to banking services. 5 Stocks Set to Double Each was handpicked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2024. While not all picks can be winners, previous recommendations have soared +143.0%, +175.9%, +498.3% and +673.0%. Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor. Today, See These 5 Potential Home Runs >> Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report JPMorgan Chase & Co. (JPM): Free Stock Analysis Report The PNC Financial Services Group, Inc (PNC): Free Stock Analysis Report
Finextra
14-05-2025
- Business
- Finextra
BofA to open more financial centres
Bank of America will open more than 150 new financial centers across 60 markets by the end of 2027, including 40 this year and an additional 70 in 2026. 0 This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author. Since 2016, Bank of America has invested over $5 billion in its financial centers network, opening new locations and renovating existing centers. "Our continued investment in our financial center network reflects our commitment to meeting our clients where they are and how they want to bank with us," said Holly O'Neill, President, Consumer, Retail and Preferred at Bank of America. "We are focused on creating spaces where financial specialists can meet with clients and help them achieve their financial goals.' New flagship center Bank of America has just opened a new flagship financial center at 2 Bryant Park in New York City. The center is designed for clients to connect with financial specialists, or have informal meetings, capturing the spirit of Bryant Park's famous tables and chairs which have hosted gatherings for New Yorkers and visitors for decades. The center also features a one-of-a-kind art installation by a NY-based artist portraying the perpetual motion of finance and the city, and how the bank helps bring together all its services for clients. Idaho expansion Bank of America continues to expand into markets where it can extend its reach to clients. The bank currently serves consumer, small business, wealth management and corporate clients throughout Idaho and will soon open four financial centers serving Boise, the first of which will open June 9 in Nampa, Idaho. "Opening centers in Boise is an exciting milestone and reflects our commitment to bringing first-class financial services to more communities," said Will Smayda, Head of Financial Centers for Bank of America. "We're proud to support local economies by creating jobs and fostering long-term relationships with clients and their communities.' More than a decade of expansion and investment Since 2014, Bank of America has steadily expanded its financial center network, entering into 11 new markets, the most recent being Louisville in 2024. The company has also opened 471 financial centers in existing markets since 2016 reflecting trends in how and where clients choose to engage with the bank. Last year, the bank completed renovations to more than 3,000 centers – with over 500 additional renovations planned over the next two years. Through a partnership with ArtLifting, over 1,600 financial centers now feature artwork by artists living with disabilities or impacted by housing insecurity. New sign language services for clients Earlier this year, the bank launched a service to provide on-demand American Sign Language (ASL) interpreters over video in all financial centers. Clients can connect with an ASL interpreter free of charge by scanning a QR code, allowing them to discuss their financial needs using ASL with a financial specialist. Bank of America clients can now use their phones to connect with America Sign Language interpreters. Serving more clients in more places Bank of America currently provides banking access to nearly 250 million people across more than 200 markets, or approximately 82% of the U.S. population. Nearly 30% of the bank's financial centers are in low- and moderate-income communities. With more than 90% of client interactions taking place through the bank's digital channels, the bank's financial centers have adapted to focus on meeting spaces where clients can have in-depth conversations about their finances. In the past year, clients have made approximately 10 million appointments with financial specialists in financial centers.
