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. The bank is opening up to 70 new branches, hiring up to 700 new employees in Virginia, Maryland and D.C.
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.”