JPMorgan Chase to Build New Financial Technology Headquarters in Palo Alto
New site to open in 2020, will support more Silicon Valley growth, collaboration
San Francisco Oct 19, 2018 JPMorgan Chase & Co. (NYSE: JPM) announced today its plans to build a new fintech campus in Palo Alto. The new campus located at 3223 Hanover is scheduled to open its doors in 2020 and will house over 1,000 employees. Expected to break ground in early 2019, 3223 Hanover will feature a modern workplace design with amenities that matter most to employees and state-of-the-art technology to increase collaboration.
"The addition of a first-class location is a key step for growing our presence in the Bay Area,” said Bill Wallace, Head of Digital,Consumer & Community Banking. “This is an important market for us and we’re looking forward to expanding our footprint and attracting more of the area’s top talent."
Today’s announcement is the latest example of JPMorgan Chase’s commitment to expand in the Bay Area and continue to invest in fintech. In late 2017, the firm acquired WePay, a Silicon Valley-based company that provides integrated payments processing to software platforms. Currently based in Redwood City, CEO and Co-Founder Bill Clerico and more than 275 WePay employees will move into the Palo Alto campus as part of the company’s aggressive growth plans.
The new campus will make it easier for employees across multiple lines of business to collaborate, host exclusive meetups and events, and create new products and services for customers. It will also feature an innovation hub and allow JPMorgan Chase and WePay to hire more employees while consolidating some of its office space in San Francisco. By 2020, the firm’s two Bay Area locations will be at the new Palo Alto office and the firm’s existing office at 560 Mission in San Francisco.
Since 2009, JPMorgan Chase has nearly doubled its number of branches and has committed millions in philanthropic investments in the Bay Area with a focus on jobs and skills, small business expansion, financial health and neighborhood revitalization. In 2016, the firm announced a three-year, $25 million philanthropic commitment to help create economic opportunity in the Bay Area as part of its partnership with the Golden State Warriors to open the Chase Center.