JPMorgan Chase is planning to invest $20bn in five years to support jobs, its employees and drive local economic growth in the US.
The long-term investment, expected to precipitate the firm’s current growth, is being driven by the recent changes to the US corporate tax system, constructive regulatory and business environment and its strong and sustained business performance.
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With the new investment, JPMorgan Chase aims to open around 400 new branches in multiple new US markets over the next five years, increase employee wages and benefits and boost its small business lending commitments by $4bn.
The firm plans to increase wages of its 22,000 employees by an average 10%, while the addition of new branches is expected to add about 3,000 news staff to its roster.
Currently, JPMorgan Chase has 5,130 branches in 23 US states and aims to expand to 15-20 new markets in several new states over the next five years.
JPMorgan Chase also noted that it will accelerate affordable housing lending by increasing mortgage lending in low-and moderate-income communities and facilitate commercial lending to build affordable housing.
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By GlobalDataJPMorgan Chase chairman and CEO Jamie Dimon said: “Having a healthy, strong company allows us to make these long-term, sustainable investments.
“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. We hire people. We lend to and support local businesses. We help customers with banking, lending and saving. And we align our business and philanthropic efforts to help more communities benefit from a growing economy.”
