J.P. Morgan Chase says it is expanding its branch network to cover 93 percent of the U.S. population by the end of 2022, according to a company presentation.
The aggressive growth plans will allow it to reach another 80 million more consumers, or about one quarter of the U.S. population, versus its footprint in 2018, the New York-based bank said Tuesday.
The branch expansion comes amid a consumer shift to mobile and online banking. The average number of teller transactions per customer has plunged 41 percent since 2014, according to the firm.
JPMorgan, the biggest U.S. bank by assets, has held annual investor meetings for CEO Jamie Dimon’s entire 13-year tenure. The company typically updates financial targets, discusses market conditions and areas for growth and investment. But the real draw for investors and analysts is face time with Dimon, 62, who will likely take questions from attendees.
Apart from financial metrics, investors are likely to ask about JPM Coin, the bank’s recently announced token for international payments, as well as efforts to snag millennials with Sapphire banking and a free investing app.
Shares of the New York-based bank have climbed 8.7 percent so far this year.