JPMorgan Chase announced a plan to double the number of its Community Center branches, which are situated in low- and moderate-income areas. The institution currently operates 19 such locations across the United States. This expansion aims to increase access to financial health education for a broader segment of the American public.
Along with the new branches, the bank intends to hire more than 150 additional community managers. These locally hired employees will lead financial education programs. The total number of community managers is expected to rise from approximately 160 to over 320. The company stated that this growth will create roughly 300 new jobs. New centers are planned for Phoenix, Riverside in California, and Huntsville in Alabama, among other unspecified locations.
Unlike standard bank branches, Community Centers feature open gathering spaces available at no charge to financial educators, local nonprofits, and outside organizations. These spaces host workshops on topics such as household budgeting, credit building, homeownership, and small business ownership. The company clarified that selling bank products is not part of the community managers' duties. Events are open to anyone in the surrounding community, regardless of whether they hold a Chase account.
Since the first location opened in Harlem in 2019, the network has hosted approximately 14,000 workshops attended by over one million people. The expanded network aims to reach five million individuals. Diedra Porché, head of Chase's community and business development division, told the Associated Press that the goal is to provide tools and resources where people are.
The bank cited measurable results from the original Harlem location, noting that personal savings balances grew 73% during its first five years. Internal reports also suggest that establishing a Community Center in an underserved area attracts new customers and account activity at rates higher than comparable nearby branches.
This expansion is part of JPMorgan Chase's American Dream Initiative, a multi-year effort to expand economic opportunity through targeted investments. The initiative includes a commitment to provide nearly $80 billion in lending to small businesses over the next decade, aiming to increase the number of small businesses served from seven million to 10 million.
