JPMorgan Chase is reportedly planning to open hundreds of retail branches in Washington DC and the surrounding suburbs over the next five years.
The bank, which currently operates 5,600 branches in 25 states, is planning to launch nearly a dozen branches in DC, Virginia and Maryland suburbs in the first year, New York Post reported citing a person with direct knowledge of the plans.
If federal regulators approve the move, it will mark banking giant’s first expansion into a new territory in years.
According to the publication, JPMorgan Chase CEO Jamie Dimon hinted at the DC expansion during the bank’s quarterly earnings call last.
"We are thinking about attacking a new city for the first time — in a major way," New York Post quoted him as saying.