Chase Bank has hired Jonathan Jensen, a Wells Fargo Bank veteran, as its Minnesota market director.
In March, Chase, the banking business of New York-based J.P. Morgan Chase, said it would open branches on the University of Minnesota campus and on Grand Avenue in St. Paul this summer, with more to come.
Jensen will oversee branch development and hiring in Minnesota. He joined Chase after 13 years at Wells Fargo, most recently as downtown banking manager.
“I’m thrilled to join the strong Chase team in Minneapolis-St. Paul and help lead introduction of branch banking here,” Jensen said in a prepared statement. “Branches are the hub for all of our Chase businesses.”
Chase, part of one of the largest U.S. financial institutions, plans to open its first retail-bank offices in the Twin Cities, as part of a 90-branch national expansion, mostly in new markets.
In Minnesota, Wells Fargo operates the state’s largest bank with more than 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 Financially generally have been shrinking their branch networks as they try to grow consumer business through less-costly electronic banking.