Article: Chase, Citi in bout to build branches; But Bank One network puts Dimon out ahead.(News)(J. P. Morgan Chase & Co.)

Byline: TOM FREDRICKSON Crain News Service

J. P. Morgan Chase & Co. recently took the stage in one of New York's best hotels to talk up the banking company's latest, greatest idea for pumping up profits: opening more branches.

Addressing a group of money managers, retail bank chief Charlie Scharf said, "There's an enormous advantage to the rest of the company in building this business.''

The sentiment is much the same a few blocks away, at Citigroup Inc.'s Park Avenue headquarters. "We are definitely ramping up branch operations,'' says Ray Quinlan, Citi's chief executive of North American retail distribution.

For the first time in years, New York's two ...

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