While much of the world races toward app-only banking, JPMorgan Chase is doubling down on something decidedly old school: the neighborhood branch, the Financial Times reports.

The nation’s largest bank by assets is launching an aggressive expansion plan, opening more than 160 new branches across 30-plus states in 2026 as part of a multibillion-dollar investment in its physical footprint.

The message? Americans still like to bank face-to-face.

On Wednesday, JPMorgan will unveil what it calls a “major expansion” targeting fast-growing and competitive markets including North and South Carolina, Florida, Pennsylvania, Kansas, Massachusetts, and Tennessee.

The expansion builds on a 2024 pledge to open more than 500 new branches within three years — one of the largest physical growth plans in modern U.S. banking.

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Under its Chase brand, JPMorgan now operates branches in every state except Alaska and Hawaii — a remarkable reach in an era when many financial institutions are shuttering locations.

The strategy isn’t about nostalgia — it’s about deposits.

Banks are fiercely competing for retail deposits, a crucial source of funding. JPMorgan has set its sights on capturing 15% of all U.S. retail deposits, a bold target in a crowded marketplace.

Physical branches, executives believe, still play a critical role in building customer trust, cross-selling products, and anchoring long-term relationships — especially in fast-growing suburbs and Sun Belt cities.

JPMorgan’s move stands in stark contrast to banks in the UK and parts of Europe, where branch closures have accelerated amid cost-cutting and digital adoption.

But in the U.S., several major lenders are quietly reversing course, investing in modernized branches designed for advice-heavy services rather than routine transactions.

For JPMorgan, the strategy is clear: when it comes to winning customers — and their cash — sometimes shaking hands still matters.