JPMorgan Chase Announces Major Expansion in
Philadelphia and the Delaware Valley
Opening 50 new branches, hiring up to 300 new employees in Philadelphia, Delaware and South Jersey
Investing $3 billion for regional home and small business lending
Committing $5 million to revitalize North Philadelphia’s Kensington Neighborhood Commercial Corridor
Establishing new program with University of Delaware for students with autism
September 24, 2018 (PHILADELPHIA, PA) – JPMorgan Chase today announced an expansion of its branch network to Philadelphia and the Delaware Valley and several new commitments that support economic growth and workforce development in the region. This expansion is part of the firm’s recent $20 billion, five-year investment in its business and local economic growth.
Over the next five years, JPMorgan Chase intends to open approximately 50 new branches and hire 300 new employees in the Delaware Valley region, giving local customers access to its banking services while creating local job opportunities for residents. Currently, the firm has nearly 5,100 branches in 23 states and plans to open 400 new branches and hire as many as 3,000 employees in new markets in the next five years.
“The Delaware Valley is an incredibly important market for us,” said Jamie Dimon, chairman and CEO. “We already have thousands of employees here that serve our customers every day. This will create even more well-paying jobs with healthcare and retirement plans for people in the area, and better serve our existing and new customers.”
This expansion will add to the firm’s current base of more than one million consumers and over 30,000 business clients in Philadelphia and the Delaware Valley region. The bank has been doing business in the region for nearly 20 years with more than 11,000 current employees, including in its major credit card hub in Wilmington, Delaware.
“To us, this expansion is so much more than building a branch. This is about new relationships with customers, communities and employees,” said Thasunda Duckett, CEO, Chase Consumer Banking. “When we build a branch, we lift the whole community around it – contractors to build the branches, cafes and other small businesses to support the customer traffic. It’s a very positive ripple effect.” The firm is actively hiring staff to support its new branches in the Delaware Valley. Entry-level employees in Philadelphia 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.
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 including:
Home & Small Business Lending: The bank will invest $3 billion for mortgage and small business lending in the region over the next five years.
- 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 buying a home.
- Small businesses will have access to dedicated bankers and products including small business loans, merchant services, cash management and credit card services. Also, 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 Commitment: JPMorgan Chase will also commit $5 million to support the revitalization of the Kensington Avenue commercial corridor to bring much needed resources to one of Philadelphia’s most underserved communities. As a 2018 Partnerships for Raising Opportunity in Neighborhoods (“PRO Neighborhoods”) winner, the Kensington del Corazón Collaborative members including LISC Philadelphia, Impact Services, FINANTA, and Community First Fund will use the funds to target small-business lending and mixed-use development to drive inclusive growth in the Kensington area. PRO Neighborhoods is a five-year, $125 million initiative to address key drivers of inequality and tackle the challenges facing underserved neighborhoods in the United States.
“We’re proud JPMorgan Chase is not only expanding its business into the Philadelphia region, but also investing in long-term economic solutions for the Kensington neighborhood,” said Philadelphia Mayor Jim Kenney. “Together, we’re creating new jobs and opportunities to put more residents on a pathway to prosperity, revitalize neighborhoods and strengthen our local economy.”
As part of its commitment to workforce development and helping people with disabilities lead successful careers, the firm also announced today Spectrum Scholars, a college-to-careers program for students with autism who want to study computer science or electrical and computer engineering. In partnership with the University of Delaware, the program will provide free academic coaching and job-boosting opportunities as well as other support throughout college. JPMorgan Chase will offer on-the-job training through internships at the firm, with potential for participants to be hired into full-time positions.
To learn more about JPMorgan Chase’s expansion into Philadelphia and the Delaware Valley, please visit chase.com/philly.
About JPMorgan Chase
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.