JPMorgan Chase, one of America’s largest financial companies, plans to open its first retail-bank offices in the Twin Cities this summer, as part of a national expansion.
Chase is inaugurating branch offices in nine large U.S. markets and adding service on the East Coast.
Dave Rudolph, Chase’s Minneapolis-based regional manager for commercial banking said the first two branches will be on Harvard Street on the University of Minnesota campus and St. Paul’s Grand Avenue.
He said an unspecified number of additional branches eventually will be added.
“Minneapolis-St. Paul represents the largest market in which we do not have a retail presence today,” Rudolph said. “We’re growing our retail presence…across our franchise.”
New York-based Chase already employs 76 in the Twin Cities through its business banking and private bank and wealth-management services for affluent customers, including business owners. Those downtown-based businesses have been open for more than a decade.
Rudolph said Chase already counts 32,000 Twin Cities banking customers. And up to 1 million Minnesotans own at least one Chase product, from a Chase-issued affinity-credit card branded by an airline or other business, to an investment product sold by its investment-management business.
“We expect to be a good corporate citizen,” Rudolph said. “We’ve contributed $2.5 million to philanthropic causes locally and we will create (branch-banking) jobs, starting at $15 an hour and a benefits package, including health care and a 401K plan, that we value at about $12,000 annually.”
In Minnesota, Wells Fargo operates the state’s largest bank with over 150 branches in the state and about one-third of all deposits. However, Wells Fargo, U.S. Bank, TCF, which is merging with Detroit’s Chemical Bank, and Bremer generally have been shrinking their branch networks as they try to grow consumer business through less-costly electronic banking.
Rudolph said two-thirds of Chase clients visiting a branch bank at least four times a quarter.
“Even millennials,” he said.
Overall, Chase said it would open 90 branches and hire about 700 people by the end of the year.