JPMorgan Chase Announces First Major Branch Expansion in Greater Washington
Opening up to 70 new branches, hiring up to 700 new employees in Virginia, Maryland and D.C.
Washington, DC. Apr 19, 2018 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.
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.
Stephanie Bosh, Stephanie.A.Bosh@jpmorgan.com