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2/26/2019, 2:09 PM (Source: TeleTrader)
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JPMorgan starts four-year commercial banking push

JPMorgan Chase and Co. informed investors at an annual event on Tuesday that it would expand its business with consumers substantially, but also vowed to stick with is expense management strategies. The management also placed the focus on the interoperability between physical and digital channels.

The biggest lender by market capitalization in the United States unveiled a plan to widen its physical footprint to cover 93% of the domestic population through 2022, compared to 69% at the end of last year. The bank said the initiative is aimed at reaching 80 million people more.

The report noted the first 10 branches in three expansion markets – Boston, Washington DC and Philadelphia, were opened in 2018, to tap a potential $400 billion in deposits. Regulatory clearance was obtained for another eight markets, estimated to have an opportunity worth $300 billion, according to JPMorgan, which has Chase Bank as its main commercial banking brand. Since February of last year, 1.5 million digital deposit accounts were opened, the figures showed. The number of active mobile consumers increased by 11% to 33.3 million.

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