By Natasha L. Foreman, MBA
With a focus to add market share in the “nation’s largest state”, JPMorgan Chase & Co. intends to open between 25 and 30 branches in Northern California.
The Oakland Tribune reported that JPMorgan Chase has been considering expanding in various counties throughout the Bay Area, where it currently ranks fourth behind Bank of America, Wells Fargo and Citigroup in deposit share. This expansion would create jobs for 250 to 300 people.
In addition to opening branches, the bank intends to install an estimated 600 ATMs by the end of next month in various ampm convenience stores throughout the state. That would give JPMorgan Chase a combined 4,000 ATMs in California.
Let’s see how their competitors respond to this strategic move.
Copyright 2012. Natasha L. Foreman. Foreman & Associates, LLC. Some Rights Reserved.
Source: Alan Kline, American Banker. Thursday, February 23, 2012.