Opening up to 70 new branches, hiring up to 700
new employees in Virginia, Maryland and D.C.
More than doubling philanthropic investment to
$25 million to drive regional inclusive economic growth
Committing $4.5 billion for regional home and
small business lending and affordable rental housing
JPMorgan Chase today announced an expansion of its branch
network to the Greater Washington, D.C. area and several new
investments that support economic growth in the region. This
investment is part of the firm’s recent $20 billion, five-year
investment in its business and local economic growth.
This expansion will bring the firm’s full resources to Greater
Washington, including:
- Opening up to 70 new branches and
hiring up to 700 new employees, including veterans, in northern
Virginia, Washington, D.C. and Maryland - 20 percent will be in
low-to-moderate income communities, such as Wards 7 and 8 in
Washington, D.C., Baltimore, and Prince George’s County,
Maryland
- Committing $4 billion over five years
for regional home and small business lending
- Increasing lending to construct and
maintain affordable rental housing by nearly 50 percent to $500
million over five years in the region including low-to moderate
income communities
- Increasing the philanthropic investment
from $10 million to $25 million to drive inclusive economic growth
in the region
JPMorgan Chase currently serves more than 2 million consumers
and over 70,000 business clients in Greater Washington. In addition
to offering local customers access to its award-winning banking
services supporting job and local economic growth, JPMorgan Chase
will bring the best of its business and philanthropic efforts to
drive inclusive growth and help create opportunity for more area
residents.
“We have been doing business in the D.C. region since 1999, and
we’re excited to now expand our consumer branch business here,”
said Jamie Dimon, Chairman and CEO, JPMorgan Chase. “With
this will come more than just new branches. We will lend money for
affordable housing, home mortgages and small business growth. We
will help customers bank and save and support business clients,
large and small. And we will combine the best of our business and
philanthropy to help more communities benefit from regional
economic growth.”
Opening New Branches
Over the next five years, JPMorgan Chase intends to expand its
branch network into 15-20 new U.S. markets, starting in Virginia,
Washington, D.C. and Maryland. Currently, the firm has 5,130
branches in 23 U.S. states and plans to open up to 400 new branches
and hire as many as 3,000 employees in new markets, including
approximately 70 new branches and 700 new employees in Greater
Washington. Today, Chase serves 61 million households and over 4
million small businesses across the country.
The firm is actively hiring staff to support its new branches in
Greater Washington, and has partnered closely with local community
colleges and universities to attract students to entry-level and
internship positions. Entry-level employees in D.C. area branches
will be paid no less than $16.50/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.
Using the latest digital technology and ATMs to make banking
with Chase as simple and seamless as possible, the firm’s new
branches will be built reflecting how customers choose to bank.
Whether it’s through smaller, digital-first locations or
full-service branches to help customers with more complex needs,
Chase gives customers the ability to bank when, where, and how they
want to.
All new Chase branches will also implement new energy management
and digital technologies to reduce total energy consumption by 15
percent and lighting-related consumption by 50 percent. By 2020,
100 percent of JPMorgan Chase’s global energy needs will be sourced
by renewable power like solar and wind. Branches will incorporate a
variety of new software applications that improve energy management
and HVAC efficiency, irrigation processes and LED-lighting &
power system controls.
“Branches are the heart of our company because they allow us to
connect with our customers during life’s most important moments,”
said Thasunda Duckett, CEO of Consumer Banking, Chase.
“Chase is deeply invested in the communities we serve, and we’re
excited to provide more jobs, neighborhood resources, and access to
financial services to the people here.”
Making an Investment in Greater Washington
JPMorgan Chase has been doing business in the Greater Washington
region since 1999 with more than 250 current employees. The firm
has a significant client base in the region for credit cards,
federal government, commercial, nonprofit, asset and wealth
management, auto finance, and investment banking.
“This is one of the most important regions in the country —
stretching from Richmond to Baltimore – we now have the third
largest economy in the United States and the seventh largest in the
world,” said Peter Scher, Chairman of the Mid-Atlantic
Region and Global Head of Corporate Responsibility, JPMorgan
Chase. “We want to create a regional economy that benefits
everyone. By expanding our business and increasing philanthropic
investments, JPMorgan Chase is supporting the future of Greater
Washington and providing economic opportunity for more people no
matter the neighborhoods where they live and work.”
Going forward, new business and philanthropic investments will
include:
- Home & Small Business
Lending: The firm will commit $4 billion over 5 years for home
and small business lending in the region.
- Small businesses will have access to
experienced and 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.
- Home loans offered in the region 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.
- Philanthropic Investment:
JPMorgan Chase will more than double its current philanthropic
investment in underserved neighborhoods from $10 million to $25
million to drive inclusive regional growth. Building on recent
investments in DC’s Wards 7 and 8, this new investment will expand
efforts throughout the region focused on helping people develop
skills for in-demand jobs, helping minority-owned businesses
expand, revitalizing neighborhoods and improving consumer financial
health.
- Accelerating Affordable Rental
Housing: JPMorgan Chase will increase lending by nearly 50
percent to $500 million over five years to construct and maintain
affordable rental housing in the region including low-to moderate
income communities, such as Wards 7 and 8. Since 2013, the firm has
invested $68 million in Wards 7 and 8 to create or preserve over
500 affordable rental housing units and help mitigate resident
displacement.
Statements of Support
“Far too many of our residents are underbanked. We hope this
expansion means that we will see more banking, not just where we
have them already, but where we need them to be,“ said District
of Columbia Mayor Muriel Bowser. “We are proud to partner with
JPMorgan Chase to ensure more residents are able to participate in
the region’s prosperity.”
"Our administration is pleased that Chase is expanding its
footprint in Maryland and bringing more jobs, affordable housing,
and community investment," said Maryland Governor Larry
Hogan. "This is a terrific example of how Maryland is working
with world-class companies to bring about real change and greater
opportunities in our state and our region, from new jobs and
workforce training to small business growth.”
“It’s never been more important for the public and private
sectors to work together to create local opportunities for
Virginians,” said Virginia Governor Ralph Northam. “This
commitment isn’t just about building business in Greater Washington
- it shows Chase’s long-term investment in our neighborhoods and
our people, which is great news for the region.”
As the third largest regional economy in the U.S., the Greater
Washington region is a growing center of economic activity. The
region has the largest high-tech corridor outside of Silicon
Valley, a highly skilled and educated workforce and is a hub for
Fortune 1000 companies, research universities, nonprofit and civic
organizations. JPMorgan Chase is proud to build on its more than
200-year history of investing in its employees and the communities
and customers it serves by investing in Greater Washington.
About JPMorgan Chase & Co.
JPMorgan Chase & Co. (NYSE: JPM) is a leading global
financial services firm with assets of $2.6 trillion and operations
worldwide. The Firm is a leader in investment banking, financial
services for consumers and small businesses, commercial banking,
financial transaction processing, and asset management. A component
of the Dow Jones Industrial Average, JPMorgan Chase & Co.
serves millions of customers in the United States and many of the
world's most prominent corporate, institutional and government
clients under its J.P. Morgan and Chase brands. Information about
JPMorgan Chase & Co. is available at www.jpmorganchase.com.
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JPMorgan Chase & Co.Stephanie
Boshstephanie.a.bosh@jpmorgan.comorElizabeth
Seymourelizabeth.c.seymour@jpmorgan.com
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