JPMorgan Chase to open 160 new bank branches in 2026
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JPMorgan plans to open 160 new U.S. branches in 2026, even as the industry overall steadily shrinks its physical footprint.
Why it matters: While visiting a branch to get cash is increasingly unnecessary, brick-and-mortar branches still serve as a critical nexus between customers and their banks.
Driving the news: Chase said Wednesday that it will open 160 new branches in more than 30 states this year and renovate another 600 locations.
- It's part of a broader plan announced in 2024 to open 500 new branches and renovate 1,700 within three years.
- The expansion will include new branches in "low-to-moderate income (LMI) and rural communities" and "fast-growing regions across the Northeast, Southeast, Heartland, and Southwest," Chase said in a statement.
- It's unclear how many of the 160 openings will translate into net growth. A Chase spokesperson told Axios the bank's total branch count is expected to "continue to increase over time."
State of play: Banks have been steadily closing branches for more than a decade as mobile banking has surged.
- The number of U.S. bank branches per American has fallen by 28% since its peak in 2009, according to the Federal Reserve Bank of St. Louis.
- In the first half of 2025, banks closed 264 branches, according to S&P Global Market Intelligence — including 44 net closures by Flagstar, 36 by U.S. Bancorp and 35 by TD Bank.
Yes, but: 2026 would mark the fifth straight year of net branch openings for Chase, according to public filings.
- The bank had 5,083 locations in 2025, up 6.1% from 2021.
- Jennifer Roberts, CEO of Chase Consumer Banking, told the FT that the bank's branch opening strategy is drawing momentum from growth in deposits, card customers and wealth management clients.
- Nathan Stovall, director of financial institutions research at S&P Global Market Intelligence, tells Axios that JPMorgan "sees the expansion as a critical effort to increase its retail deposit market share and deepen customer relationships."
The intrigue: Research suggests that physical branches still matter to customers, even as they conduct more banking business digitally.
- 64% of banking customers "still rely on branches for conflict resolution when they can't find a way to resolve an issue online," according to an Accenture study published in 2025.
- Plus, 65% "still see branches as symbols of stability, a sentiment that spans generations."
- "JPMorgan has said that its branch density is highly correlated with deposit market share," Stovall noted.
Editor's note: This story was corrected to reflect that the number of U.S. bank branches per adult has fallen by 28% (not 15%) since 2009.
