JPMorgan and Enrico Letta will influence financial world

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As of January 2024, the largest bank in the world by market capitalization is JPMorgan Chase, with a market cap of 491.76 billion dollars.

In febraury the giant has announced a plan to significantly expand its physical network of branches in the Usa. Chase, which covers the retail side of the banking business, plans to open more than 500 new branches over the next 3 years, renovate approximately 1,700 existing locations. As part of this expansion, JPMorgan intends to hire 3,500 new employees.

The bank’s expansion will not only provide greater access to banking services but also contribute to local economic growth through construction, ongoing community investments, and local hiring.

The new branches will be located in several new markets, including low-to-moderate income and rural communities with little access to traditional banking services.

This expansion reflects JPMorgan Chase’s commitment to its retail banking sector and its belief in the value of physical branches, even in an era of increasing digital banking, but also unfolds the dual changing time, with a non stop globalization and the enforcement of local issues in financial global scenario.

The bank has noted that about three-quarters of its deposits are held by customers who regularly visit brick-and-mortar branches. This investment is a significant move in the banking industry and shows the bank’s commitment to serving its customers’ needs in a variety of ways.

Chase, which covers the retail side of the banking business, plans to open more than 500 new branches over the next 3 years in the Usa

In the financial sector, the European Union is going to adjust its trajectory as well. Former Italian premier Enrico Letta recently suggested a change in perspective and to talk about a Union of Savings and Investments, with the goal of retaining private European savings in Europe (also remembering that 300 billion per year go to the United States) and attracting additional resources from abroad.

Since globalization began, every shift in strategies has consequences for other players.

It is very likely that many of these changes will impose corrections, altering interactions with China and having consequences on its financial sector, which has recently faced an immense crash in the real estate sector. (Sergio Scialabba)

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