JPMorgan Chase currently has a presence in the Washington, D.C. area, with more than 250 employees operating in the region, but the megabank will soon launch an expansion that will more than triple its workforce in the D.C. area.
Chase announced Thursday that it is planning a massive expansion in the D.C. area, including adding as many as 70 new branches and hiring up to 700 new employees in northern Virginia, Washington, D.C. and Maryland.
According to the bank, approximately 20% of the those new branches 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.”
Additionally, the bank is committing $4 billion over five years for home and small business lending in the area. The bank said that its mortgage lending in the area will include lending in low-and moderate-income communities.
Certain borrowers may be eligible to receive as much as $3,000 in homeownership grants that can be used towards closing costs and a down payment.
The bank will also increase its affordable rental housing lending in the area. According to the bank, it plans to up its lending by nearly 50% to $500 million over five years to be used in the construction and maintenance of affordable rental housing in the region.
Over the last five years, the bank invested $68 million in Wards 7 and 8 to create or preserve more than 500 affordable rental housing units.
Chase also plans to increase its current philanthropic investment in underserved neighborhoods from $10 million to $25 million to “drive inclusive regional growth.”
The bank said that the 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.”
The bank is currently looking for new employees in the area.
“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,” Dimon said. “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.”
Peter Scher, the chairman of the bank’s Mid-Atlantic Region and its global head of corporate responsibility, said that expanding in the D.C. area is an obvious choice.
“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,” Scher said.
“We want to create a regional economy that benefits everyone,” Scher added. “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.”
Chase’s expansion was greeted warmly by the area’s leaders, including Maryland Gov. Larry Hogan, Virginia Gov. Ralph Northam, and D.C. Mayor Muriel Bowser.
“Our administration is pleased that Chase is expanding its footprint in Maryland and bringing more jobs, affordable housing, and community investment,” Hogan said. “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,” Northam said. “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.”
“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,“ Bowser said. “We are proud to partner with JPMorgan Chase to ensure more residents are able to participate in the region’s prosperity.”
According to the bank, the D.C. expansion is the first step in a nationwide plan to grow its presence. Currently, the bank 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 15 to 20 new U.S. markets.