‘We didn’t come here to do 1%’

JAMIE DIMON, chairman and CEO of JPMorgan Chase & Co., doubled down on the company’s expansion plans in Rhode Island in an interview Wednesday. / THANK YOU JPMORGAN CHASE & CO.

PROVISION – For those who say no one goes to the bank anymore, Jamie Dimon will tell you otherwise.

Speaking Wednesday from a corner office at JPMorgan Chase & Co.’s Olneyville branch, which he visited as part of an annual “bus tour,” Dimon, chairman and CEO of the financial services company, redoubled his strategy for expanding its branches. .

“We make these decisions because 800,000 people visit our facilities every day,” says Dimon. “It works for the customer and that’s what we do it for. I can’t spend the money, I’d like to, but of course it works.”

So Dimon spends that money: $120 million in Rhode Island based on the $6 million opening cost per branch and the 20 branches the company plans to bring to the Ocean State by 2025.

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JPMorgan Chase Bank NA, the company’s consumer banking division, made its Ocean State debut in 2019, as part of a planned $20 billion nationwide expansion to add 400 branches over five years.

Even in the face of inflation and supply chains threatening many project timelines and budgets, Dimon remained steadfast in his commitment to the physical business. He quickly overlooks the increased cost or time that could affect his expansion goals in Rhode Island.

“That doesn’t change our plans,” he said.

His vision to grow his giant company – already the largest financial institution in the entire country with a 14% market share as of 2021 – is based on a chess-like strategy. As his competitors close their physical branches amid the increasingly digital world of banking, he is now invading open spaces with his own pawns.

“Sometimes when people close too many branches, that creates an opportunity,” Dimon said.

To be fair, JPMorgan also closed nearly 300 branches in 2021, which was partially offset by 169 new branches, according to the S&P 500.

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Even the closings are strategic – Dimon makes sure he doesn’t leave a market entirely for fear of someone else invading.

“If you close that branch, I guarantee that one of the competitors will take over that lease and our customers,” he said.

In deciding which new markets to enter, Dimon said he is looking for areas with new housing, business growth and a strong transportation network. The presence of other banks plays a role, but he does not necessarily avoid a saturated market.

“It doesn’t matter if there is another bank because we could take over their business,” said Joe Evangelisti, a company spokesperson.

Dimon has a certain percentage of market share that he hopes to achieve in Rhode Island, although he doesn’t want to share what that number is.

“We have a share of 1% today. We didn’t come here to do 1%,” he said.

Exact locations and timelines for the nine Chase Bank branches slated to open in Rhode Island were not immediately available.

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Nancy Lavin is a staff writer for PBN. Contact her at [email protected].

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This post ‘We didn’t come here to do 1%’

was original published at “https://pbn.com/jpmorgan-ceo-on-r-i-expansion-plans-we-didnt-come-here-to-do-1/”

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