JP Morgan Chase opens branch in Cambridge
New England Council member, JPMorgan Chase & Co, is expanding its physical branch network as part of its strategy to attract Gen Z customers. The bank believes that having branches, including one in Harvard Square, can appeal to younger customers in addition to its mobile app. Chase aims to grow to 90 branches in Massachusetts by the end of 2025 and has already filed 20 applications for new branch locations in the state this year.
The expansion includes branches in various cities, including Cambridge. The bank’s goal is to become one of the top seven banks in Massachusetts in terms of branch count. Chase recently acquired First Republic Bank, the sixth-largest bank in the state by deposits, which will further strengthen its presence in the Boston area.
“Our branches are important to our customers, said Racquel Oden, head of network expansion at Chase, in an email. “Our customers, including younger ones, love our omnichannel approach and prefer to have the option to bank in person. It is why we continue to invest in our branch network and transform our branches into destinations for advice, education and experiences our customers care about.”
The New England Council would like to congratulate JPMorgan Chase on this expansion.
Read more from the Boston Business Journal.