(JPM) JPMorgan Chase to Expand in San Antonio

At the time when many banks are laying off employees and closing or divesting their branches, JPMorgan Chase & Co. (JPM) is planning to expand in San Antonio by opening three branches and hiring about 475 full-time employees by the end of this year. With these growth plans, the company’s headcount at San Antonio would be 4,900, while its branch count would total 48.

Giving out the details regarding this expansion plan, the spokesperson for JPMorgan in Houston stated that the three branches would be opened at I-10 and Dominion Drive, Kitty Hawk and Loop 1604 at Bandera Road by the end of this year. About 25 people will be hired for these branches.

Apart from opening new branches, JPMorgan is also slated to appoint about 250 individuals in customer service and as collection advisers at the Chase Card Center at Westover Hills. At present, this particular centre has nearly 1,700 employees.

Additionally, JPMorgan will also hire another 200 workers in the Chase Retail Operations Center in Stone Oak. These new hires would handle inbound calls from small-business owners and retail customers with auto loans and checking and savings accounts. Currently, this centre has about 2,300 employees. JPMorgan had taken over Stone Oak centre from Washington Mutual while acquiring it in 2008.

The latest hiring announcement is a part of JPMorgan’s long-term plan to expand and offer world class services to all its customers and new clients. This would further boost the company’s top-line.

Currently, JPMorgan retains a Zacks #3 Rank, which translates into a short-term ‘Hold’ rating. One of the close peers of the company, Bank of America Corporation (BAC), also retains a Zacks #3 Rank.

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