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Banking, finance, and taxes

Chase to Open Branches for the Rich

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By Douglas A. McIntyre Published
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Chase to Open Branches for the Rich

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24/7 Wall St. Insights

JPMorgan Chase & Co. (NYSE: JPM) has started opening branches for the rich. They are not for the super-rich with hundreds of millions of dollars. They are for the moderately rich who have just millions. Research shows that over 10 million Americans have over $1 million in net worth, not including their homes.

Yahoo News reports that these first branches will open in San Francisco and New York. They will be called “financial center” branches. Eventually, there will be 30 locations, including in Massachusetts and Florida. These will target the “mass affluent” with over $750,000 in assets and deposits.

Yahoo News adds that these branches will be large and will have expensive furniture, special coffee, and free umbrellas. They will also have specially trained staff with expertise in high-end projects. (The free umbrellas are a particularly nice perk.)

Chase says it has 4,700 branches and will open another 500 branches and refurbish 1,700. To operate these, they will add 3,500 employees by 2027.

Chase’s overall branch plan goes against the industry trend. Wells Fargo, Citigroup, and Bank of America each have fewer locations than Chase. Online services and technology are widely expected to replace branches over time. These banks may follow the model if the Chase branches for affluent Americans work.

Bank of America Price Prediction and Forecast

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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