Banking customers of JPMorgan Chase & Co. may soon notice a new look as the New York-based company nears the completion of extensive remodelings at 800 branches in the Tri-state area.
The branch remodelings include new automated-teller machines, new signs, new furnishings, new carpeting, new color schemes and fresh coats of paint.
“It will be brighter and more customer friendly,� said Chase spokesman Michael Fusco.
Chase showed off the new look yesterday as the Chase signs officially went up at 339 branches that the company picked through a deal with the Bank of New York. The new signs followed the conversion of the former Bank of New York branches to Chase’s computer system last month.
“Now that our branches are under one computer system and brand, we can fully serve our customers both where they live and work,� said Charlie Scharf, head of retail financial services for Chase.
After the addition of the Bank of New York branches, Chase has a total of 106 branches in Westchester County and 30 in Rockland County. The number of Putnam County branches was not immediately available.
In addition to the Bank of New York conversions, Chase has been gradually updating its existing branches in New York, New Jersey and Connecticut and expects to complete that work by the end of April. It is replacing the navy-and-red color scheme with the new, bright blue logo. The cost of the remodelings was not available.
The company also has opened 74 new Tri-state branches in the last three years and extended its hours at most locations. Typical branches are now open from 8:30 a.m. to 6 p.m. Monday through Friday and 9 a.m. to 1 p.m. on Saturdays.
In two weeks, Chase is scheduled to start a multi-million dollar advertising campaign in the Tri-State area, called “Tap into the Chase Glow,� that highlights the changes.
Ganesh Rathnam, an analyst at Morningstar, said the bank’s remodelings make sense because some branches had outdated appearances. Chase operates more than 3,000 branches and 8,500 ATMs in 17 states.
“We believe J.P. Morgan could make improvements at the retail bank to extract more value,� Rathnam said in a research report. “It has a formidable presence, boasting the second-largest deposit base in the U.S., and it is the number-one bank by market share in key cities like New York and Chicago.�