As part of an effort to expand its presence nationwide, JPMorgan Chase plans to open retail bank branches in Minnesota starting with locations in Minneapolis and ST. Paul
Although Chase hasn’t been very visible locally, the financial institution already serves 32,000 business clients and over a million consumer customers in Minnesota, says Dave Rudolph, Chase’s manager for middle market banking.
“We’ve been servicing [Minnesota] from the commercial banking and private banking perspectives for 10-plus years… so we already have an established footprint [here],” says Rudolph. “This is a natural extension, to bring in retail and business banking.”
Much of Chase’s existing business in the Minnesota market is driven by card products. But even in the age of digital banking, Chase has observed significant customer use of retail branches nationwide. Bringing branches to the Twin Cities area will enhance customer relationships, Rudolph says.
“Branches are important to [customers]… so we felt it was important to have a branch model here,” says Rudolph.
Minneapolis is the 16th largest Metropolitan Statistical Area in the country, and the largest market where Chase does not currently have any retail and business banking presence. Growth in Minnesota is part of a larger Chase expansion that includes a total of 90 new branches across nine new markets this year. The branches are expected to generate 700 jobs nationwide. Chase will also enhance its presence in three of its existing markets: Greater Washington, Philadelphia, and Boston.
The Minneapolis Chase branch will be located at 311 Harvard St, on the University of Minnesota campus, and the St. Paul branch will be located at 1039 Grand Ave. The Minneapolis branch is slated to open early this summer; St. Paul is scheduled for fall. Each will employ around 10 tellers and the local leadership team, including Rudolph.
Jobs will start at $15 an hour and come with benefits including healthcare and a 401K plan. Chase estimates their benefits package at $12,000 annually. Hiring is already open for the banks, with positions posted here.
As Chase continues to grow with new physical locations, Rudolph notes the bank is also committed to continuing its philanthropic efforts. In the last five years, Rudolph says Chase contributed $2.5 million to charitable causes throughout Minnesota.
“We view this [expansion effort] as we’re making an investment in Minneapolis-St. Paul, and part of that is giving back to the local community,” says Rudolph. “So, we will continue to identify opportunities where we can make a difference.”