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J.P. Morgan Chase says it is expanding its branch network to cover 93 percent of the U.S. population by the end of 2022.
The aggressive growth plans will allow it to reach 80 million more consumers, or about one-quarter of the U.S. population, versus its footprint in 2018, the New York-based bank said Tuesday.
The expansion of physical branches comes amid a consumer shift to mobile and online banking. The average number of teller transactions per customer has plunged 41 percent since 2014, according to J.P. Morgan's presentation at its investor day meeting.
But convenient branch locations are a key consideration for people thinking about switching banks, and most of the firm's growth in deposits has been fueled by people who use branches frequently, the bank said.
The company made it clear it had flexibility in its growth plans: More than 75 percent of its branches could be shuttered within five years or kept open for more than a decade.
J.P. Morgan, the biggest U.S. bank by assets, has held annual investor meetings for CEO Jamie Dimon's entire 13-year tenure. The company typically updates financial targets, discusses market conditions and areas for growth and investment. But the real draw for investors and analysts is face time with Dimon, 62, who will likely take questions from attendees.
J.P Morgan's technology budget will grow to $11.5 billion for 2019, from $10.8 billion last year, CFO Marianne Lake said during her presentation.
Apart from financial metrics, investors are likely to ask about JPM Coin, the bank's recently announced token for international payments, as well as efforts to snag millennials with Sapphire banking and a free investing app.
Shares of the bank have climbed 8.7 percent this year.