With an economy that gets stronger by the day, small and mid-sized banks have rushed to the Boston area.

But now, the market is about to get even more crowded, only this time the incoming competition is from one of the biggest banks in the world.

JPMorgan Chase has received permission to open three de novo branches, two in Boston and one in Brookline, according to a filing this morning from the Massachusetts Division of Banks.

The branches will be located at 800 Boylston St. and 1 Winter St. in Boston, and 1364 Beacon St. in Brookline.

The banking behemoth hinted in a statement in January that retail branches in Boston would be a possibility, as the company said it would invest billions in order to expand into new markets and open up hundreds of new retail branches.

Although it did not specifically say at the time where the expansion would occur, the company cited Boston as one of the major markets in which it is not yet a leader.

“The heart of our company is our retail branches,” Gordon Smith, CEO of consumer and community banking at Chase, said in statement in January. “We are a leader in 23 states, but aren’t yet in major markets like Washington D.C., Boston, Philadelphia and many others. Now that we are planning to expand into new markets, we will hire thousands of new employees and help consumers and small businesses in these areas.”

In the announcement, the company said it intends to expand into 15 to 20 new markets and open 400 new branches, employing 3,000 people.

JP Morgan currently has 5,130 retail branches. Before its recent announcement, JPMorgan had offices for other banking business in Boston at 50 Rowes Wharf, 1 Federal St. and 70 Fargo St. As far as retail options, the bank had two Chase ATMs at Logan Airport and another at 30 Rowes Wharf, according to the company’s website.

JPMorgan to Open Three De Novo Branches in Boston Area

by Bram Berkowitz time to read: 1 min
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