Investing in Opportunity, Greater Washington Region
The Greater Washington D.C. Region is at a critical inflection point. It is the third‑largest economy in the United States, one of the country’s largest and fastest-growing high-tech corridors, and home to dozens of prestigious universities and Fortune 1000 companies. There are clear signs of economic progress and a new spirit of collaboration among the public, private and nonprofit sectors. Yet, with almost one-fifth of the district’s residents living in poverty, the region also faces acute challenges regarding economic mobility and inclusion.
It is essential to ensure that the region’s economic growth creates opportunity for all residents.
JPMorgan Chase is bringing to bear the full force of our firm to help make that happen. In 2018, we announced plans to open 70 new branches in Greater Washington and hire up to 700 new employees, the first major branch expansion as part of our firm’s $20 billion, five-year investment in our business and local economic growth. We also more than doubled our philanthropic investment in underserved neighborhoods, committing $25 million to drive inclusive economic growth in the region.
One such commitment is the $6 million we pledged in 2018 to prepare Greater Washington D.C. Region students for local, in-demand technology jobs. As part of our firm’s New Skills for Youth initiative, this philanthropic investment will support five public school districts in Virginia, D.C. and Maryland and enable them to partner with local community colleges and universities to design education and training that align with secure, well-paying local technology jobs.
Return on Community
With JPMorgan Chase’s $25 million, three-year* commitment:
* Commitment made in September 2017.
units of affordable housing were created or preserved
jobs were created or retained
small businesses received capital or technical assistance
Branching Out to Better Serve Our Communities
"Our administration is pleased that Chase is expanding its footprint in Maryland and bringing more jobs, affordable housing and community investment. 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."
Larry Hogan, Governor of Maryland
More branches also mean we are able to offer more good jobs. By the end of 2018, we had opened five new branches in Greater Washington and hired nearly 90 new employees, with plans to hire about 600 more throughout Virginia, Maryland and D.C. Entry-level employees will be paid no less than $18 an hour in Washington, D.C., and will receive the firm’s full benefits package, valued at an average of $12,000 a year. And we are actively working to hire locally by partnering with government employment agencies, nonprofit partners and universities.
We are putting this strategy into motion in other markets across the country. By the end of 2018, we had opened the first of 60 new branches planned for New England and the first of approximately 50 new branches planned for Philadelphia and the Delaware Valley region.
"To us, this expansion is so much more than building a branch. This is about new relationships with customers, communities and employees. 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."
Thasunda Duckett, CEO of Consumer Banking, Chase