JP Morgan Chase is opening 500 new branches and renovating around 1,700 existing US locations over the next three years as part of a multi-billion dollar investment.

The bank said it will enter several new markets including rural communities with little access to banking services and expand its presence in locations including Boston, the Greater Washington region and Philadelphia.

The company said it expects to hire around 3,500 employees, adding that the move will “contribute to local economic growth” through ongoing community investments and construction.

Over the past five years, Chase has added over 650 branches to its network including 400 branches in 25 new states.

When this expansion is completed, Chase will have added more than 1,100 branches and hired more than 10,500 employees to its consumer bank team since 2018.

Chase claims to have the largest branch network in the US and the only bank to have locations in all 48 lower states.

“Every day approximately 900,000 people walk into a Chase branch to cash a check, make a deposit or speak to one of our experts about an important financial decision that could impact their lives,” said Jennifer Roberts, chief executive, Chase Consumer Banking. “This investment means we can continue to have branch locations that reflect the unique needs of the communities we aspire to serve today, tomorrow and for many years to come.”

The bank added that it will also expand the number of community centre branches. There are currently 16 branches across the country, with Chase planning to open three more.

Community centre branches are built with extra space to host community events, financial health workshops and provide skills training. They are located in communities that have faced historical barriers to banking and are often in urban areas with larger Black, Hispanic and Latinx populations.

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