Given that there is much discussion in banking circles on the future of the branch, it is interesting to note that JPMorgan Chase is continuing to grow its branch network, as well as continuing to grow specialist staff numbers (notably personal bankers and sales specialists). According to data published this morning for its Retail Financial Services unit:
- Chase’s retail branch network rose by 240 over the past year, and by 112 in the quarter, to 5,508 branches. Although it recently scaled back its aggressive branch expansion plans, it sees significant opportunity to expand its retail network in selected markets, such as Florida.
- It now has more than 6,000 sales specialists, which represents a y/y increase of 23%. Chase ratio of sales specialists per branch increase from 0.93 in 4Q10 to 1.09 in 4Q11.
- Chase has also significantly grown its network of personal bankers, with an increase of 12% in the past year, to 24,308. As with sales specialists, the ratio of personal bankers per branch rose, from 4.13 in 4Q10 to 4.41 in 4Q11.