JPMorgan Chase has announced a major expansion in the Philadelphia and the Delaware Valley region as a part of its $20bn five-year investment plan.

Under the new expansion plan, the bank aims to open 50 new branches and recruit 300 employees over the next five years to bolster its presence in the Delaware Valley region.

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JPMorgan Chase chairman and CEO Jamie Dimon said: “The Delaware Valley is an incredibly important market for us.

“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.”

JPMorgan expansion plan details

The expansion plan will aim to provide access to banking services as well as create job opportunities for the local population.

Once completed, the move is expected to increase the bank’s customer base by nearly one million and around 30,000 business clients across Philadelphia and the Delaware Valley region.

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The bank has been present in this region for around 20 years. It also has major credit card hub located in Delaware’s Wilmington.

As a part of the JPMorgan expansion plan, the lender has already started recruiting process for its new branches in the Delaware Valley.

Besides expanding its branch network, the bank has committed $3bn for mortgage and small business lending business in the region.

Overall, JPMorgan Chase has 5,100 branches across 23 US states.

In the next five years, it aims to add 400 branches to its network and hire around 3,000 employees.