JPMorgan Chase & Co (NYSE:JPM) is set to overhaul branches it acquired from failed First Republic Bank (NYSE:FRC) as the big US bank plans to open more branches nationwide, Reuters reported on Monday.
Chase Consumer Banking CEO Jennifer Roberts told the media outlet that opening more branches helps the company capture more market share, as 75% of its customers visit a branch annually.
JPMorgan, the largest lender in the US, has more than 4,800 branches across 48 states. The group is likely to open 167 locations by the end of the year, exceeding an earlier projection of 150, according to Roberts.
The US lender will start the First Republic branch makeover by shutting two flagship sites in New York and San Francisco that will reopen in June.
JPMorgan added 84 branches when it acquired First Republic in May, but subsequently announced plans to close 21 of those locations.
The company has retained 90% of First Republic customers, JPMorgan consumer and community bank co-CEO Marianne Lake told investors last week.
JPMorgan had the highest net branch openings in the US in October, opening 22 branches and closing 14 others, according to S&P.
In the last 12 months, the company has opened 157 branches and closed 163.
Shares of JPMorgan edged $0.21 higher to $158.73 in midday trading on Monday and have gained 18% year to date.
Contact Sean at sean@proactiveinvestors.com