The firm has nearly 5,100 branches in 23 states and plans to open 400 new branches and hire as many as 3,000 employees in new markets in the next five years.

JPMorgan Chase will expand its operations in Philadelphia and the Delaware Valley. This expansion is part of the firm’s recent $20 billion, five-year investment in its business and local economic growth.

Over the next five years, JPMorgan Chase intends to open approximately 50 new branches and hire 300 new employees in the Delaware Valley region, giving local customers access to its banking services, it said in a statement. 

The firm did not state in the release whether its private banking segment will be bolstered.

Currently, the firm has nearly 5,100 branches in 23 states and plans to open 400 new branches and hire as many as 3,000 employees in new markets in the next five years.

“The Delaware Valley is an incredibly important market for us,” said Jamie Dimon, chairman and chief executive. “We already have thousands of employees here that serve our customers every day. This will create even more well-paying jobs with healthcare and retirement plans for people in the area, and better serve our existing and new customers.”

Recently, this publication reported that JP Morgan Chase will pay $24 million to settle a potential lawsuit from black financial advisors who say they were mistreated at the bank because of their race.