JP Morgan Chase Launches Innovative Community Center Branch In Bronx, Investing $5M To Enhance Financial Access

JP Morgan Chase & Co. JPM inaugurated a new Community Center branch in the Grand Concourse neighborhood of the Bronx on Friday. 

This branch will expand access to banking, tools, and advice to help customers achieve financial health and resilience.

The Grand Concourse Community Center branch features a team of local financial health experts focused on community engagement, mentorship and advice, JP Morgan said in a press release.

“The location looks and feels different from a “typical” bank – it combines a modern design, spacious layout, and the latest banking technology, reflecting how customers engage with Chase today,” according to a press release.

The new Community Center represents an investment of $5 million. 

Chase contracted Excel Construction, a local minority-owned construction firm, to build this location. Construction is already underway in Brooklyn and the firm expects to open the branch by end of the year.

According to Benzinga Pro, JPM stock has gained over 43% in the past year. Investors can gain exposure to the stock via IShares U.S. Financial Services ETF IYG and SPDR Select Sector Fund – Financial XLF.

The company recently reported first-quarter FY24 results. The net revenue (managed) was $42.5 billion (+8% year over year).

For FY24, JPMorgan expects net interest income, excluding Markets, of ~$89 billion (vs. $88 billion earlier). The bank anticipates card services NCO rate of <3.50%.

Price Action: JPM shares are trading higher by 0.34% to $194.03 at last check Friday.

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