JPMorgan Chase Opens First Retail Branch in Greater Boston
December 13 2018 - 12:06PM
Business Wire
Opens First of 60 Branches Planned for New
EnglandInvests $3 Billion in Regional Home & Small Business
LendingCommits $1.1 Million to Support Jobs and Skills
Development
JPMorgan Chase today announced the opening of its first retail
branch in Greater Boston along with new lending commitments and
investments in local workforce development to prepare area Boston
residents for in-demand jobs.
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the full release here:
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A rendering of the new Chase branch at
425 Washington Street in downtown Boston. (Photo: Business
Wire)
Today, the bank opened its first branch location at 865-875
Providence Highway in Dedham while offering a sneak peek of its new
branch at 425 Washington Street at the corner of Washington and
Winter Street in downtown Boston, opening in January, to local
community partners.
The bank announced in October that it planned to open 60 retail
branches and 130 ATMs in Greater Boston and New England over the
next five years and hire up to 350 employees, giving local
customers access to its banking services while creating local job
opportunities for residents. The firm plans to open 400 new
branches and hire as many as 3,000 employees in new markets in the
next five years.
“This expansion will help create more economic opportunity for
the people of Boston, a city we’ve served for over two decades,”
said Jamie Dimon, Chairman & CEO of JPMorgan Chase. “By opening
branches here, we’re able to lend to more consumers, further invest
in neighborhoods, and offer good paying jobs.”
This expansion adds to the firm’s current base of more than
800,000 consumers and over 60,000 business clients in Greater
Boston. The bank has been doing business in the Boston region for
over 20 years serving clients through its Investment Bank,
Commercial Bank and Private Bank.
“We’re so proud to be able to open our branch doors here and
meet the people of Boston,” said Thasunda Duckett, CEO of Chase
Consumer Banking. “This expansion is about new relationships, new
financial journeys, and better access to our products, services and
people.”
The firm is actively hiring staff to support its new branches in
Greater Boston. Entry-level employees in Boston branches will be
paid no less than $18/hour and will receive the firm’s full
benefits package, which is valued at an average of $12,000 annually
per employee in this pay range. It includes health care coverage
and retirement savings, as well. To help ease the burden of
out-of-pocket medical expenses, the firm also recently reduced
medical plan deductibles by $750 per year for employees making less
than $60,000.
In addition to expanding its branch network to the region,
JPMorgan Chase will bring the best of its business and
philanthropic efforts through new local commitments.
Home & Small Business Lending: Over the next five
years, the bank will invest $3 billion for home and small business
lending in the region.
- Home loans will include low-and
moderate-income communities. Eligible customers will also receive
up to $3,000 in homeownership grants that reduce the cash customers
are required to contribute at purchase and can be used towards
closing costs and a down payment—two common barriers to achieving
homeownership.
- Small businesses will have access to
dedicated bankers and products including small business loans,
merchant services, cash management and credit card services. In
addition, through its Small Business Forward initiative, the firm
will provide women, minority- and veteran-owned small businesses
with increased access to capital and technical assistance.
Philanthropic Commitments: As part of the firm’s larger
$350 million investment in jobs and skills development around the
world, JPMorgan Chase is investing $1.1 million to help Boston
residents to develop the skills they need to secure in-demand
jobs.
“Preparing people with the skills they need to compete for
well-paying, in-demand jobs is the key to unlocking opportunity,”
said Jennie Sparandara, Head of Workforce Initiatives, JPMorgan
Chase. “As the labor market changes, our approach to education and
skills development has to change along with it and JPMorgan Chase
is working to address this challenge here in Boston.”
New local commitments include:
- The Boston Foundation ($515,000/2
years): This investment will help to establish the Catapult
initiative to create a networks of workforce development
organizations and employers that will attract and invest in
candidates sourced from non-traditional talent pipelines- linking
them to living-wage employment.
- YouthBuild Boston (YBB) ($200,000/1
year): Funding for YBB will allow its Pre-Apprentice Program to
develop a pipeline of skilled, diverse workers ready for jobs in
Boston’s building trades. Through workshops and training programs,
YBB will enable approximately 350 under- and unemployed individuals
to prepare for work.
- Jewish Vocational Services (JVS)
($150,000): Through JVS’ 23-week programs, the firm’s
investment in JVS works to help approximately 90 underserved adults
per year to earn industry-recognized college credentials linked to
high-demand jobs with clear career pathways for advancement in the
biotechnology and healthcare information technology fields.
- Resilient Coders ($125,000): As
a potential top provider of Boston software engineering talent,
support for Resilient Coders works to cultivate job and growth
opportunities for lower-income people of color.
- Boston Private Industry Council
(PIC) ($100,000): Support for Boston PIC allows Tech Apprentice
(TA), a paid summer internship program affiliated with Boston
Public Schools and UMASS, to offer summer internships for high
school students studying technology-related fields.
“We have worked every day – for nearly a decade - to help lower
income adults reach their goal of attending college,” said Jerry
Rubin, CEO, Jewish Vocational Services. “With support from JPMorgan
Chase, we’re proud to provide even more career opportunities for
more people in the Boston area.”
"Boston's Office of Workforce Development works hard with
community partners and employers to ensure all Boston residents
have the pathways they need to gain skills and advance in the
workforce," said Trinh Nguyen, director of Boston's Office of
Workforce Development. "Our office has channeled millions of
dollars into over 100 organizations to support workforce
development, and we look forward to working with JPMorgan Chase as
we continue our goals to bring opportunity and advancement to all
residents."
To learn more about JPMorgan Chase’s expansion into Greater
Boston, please visit chase.com/boston.
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version on businesswire.com: https://www.businesswire.com/news/home/20181213005091/en/
Carolyn Evertcarolyn.evert@chase.com617-223-9224
Elizabeth
Seymourelizabeth.c.seymour@jpmorgan.com415-538-5064
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