JPMorgan Chase’s NE Expansion Begins with Opening of First Retail Branch Today
Today, the bank opened its first branch location at 865-875 Providence Highway in Dedham. The firm also is offering a sneak peek of its new branch at 425 Washington St. at the corner of Washington and Winter streets in Downtown Boston that will open for business next month.
BOSTON—The first tangible evidence of JPMorgan’s previously announced branch expansion initiative in New England is today’s opening of the financial services firm’s first retail branch in the region in Dedham, MA and another branch opening scheduled for next month in Downtown Boston.
In addition to its branch openings, JPMorgan Chase reported new lending commitments and investments in local workforce development in the Boston area.
Today, the bank opened its first branch location at 865-875 Providence Highway in Dedham. The firm also is offering a sneak peek of its new branch at 425 Washington St. at the corner of Washington and Winter streets in Downtown Boston that will open for business next month.
The bank announced in October that it planned to open 60 retail branches and 130 ATMs in Greater Boston and New England over the next five years and hire up to 350 employees. The firm announced plans last January to open 400 new branches and hire as many as 3,000 employees in new markets in the next five years.
“This expansion will help create more economic opportunity for the people of Boston, a city we’ve served for over two decades,” says Jamie Dimon, chairman & CEO of JPMorgan Chase. “By opening branches here, we’re able to lend to more consumers, further invest in neighborhoods, and offer good paying jobs.”
This expansion will build on the firm’s current base of more than 800,000 consumers and more 60,000 business clients in Greater Boston. The bank has been doing business in the Boston region for more than 20 years serving clients through its Investment Bank, Commercial Bank and Private Bank.
The firm is actively hiring staff to support its new branches in Greater Boston. Entry-level employees in Boston branches will be paid no less than $18/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, JP Morgan states in an announcement.
JPMorgan Chase also committed to invest over the next five years $3 billion for home and small business lending in the region.
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 achieving homeownership.
Small businesses will have access to 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.
In addition, as part of the firm’s larger $350 million-investment in jobs and skills development around the world, JPMorgan Chase is investing $1.1 million to help Boston residents to develop the skills they need to secure in-demand jobs.
Other funding for local initiatives includes: The Boston Foundation ($515,000/2 years), YouthBuild Boston ($200,000/1 year), Jewish Vocational Services ($150,000), Resilient Coders ($125,000) and the Boston Private Industry Council ($100,000)