BOSTON--(BUSINESS WIRE)--JPMorgan Chase today announced the opening of its first retail branch in Greater Boston along with new lending commitments and investments in local workforce development to prepare area Boston residents for in-demand jobs.
Today, the bank opened its first branch location at 865-875 Providence Highway in Dedham while offering a sneak peek of its new branch at 425 Washington Street at the corner of Washington and Winter Street in downtown Boston, opening in January, to local community partners.
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, giving local customers access to its banking services while creating local job opportunities for residents. The firm plans 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,” said 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 adds to the firm’s current base of more than 800,000 consumers and over 60,000 business clients in Greater Boston. The bank has been doing business in the Boston region for over 20 years serving clients through its Investment Bank, Commercial Bank and Private Bank.
“We’re so proud to be able to open our branch doors here and meet the people of Boston,” said Thasunda Duckett, CEO of Chase Consumer Banking. “This expansion is about new relationships, new financial journeys, and better access to our products, services and people.”
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.
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.
Home & Small Business Lending: Over the next five years, the bank will invest $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.
Philanthropic Commitments: 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.
“Preparing people with the skills they need to compete for well-paying, in-demand jobs is the key to unlocking opportunity,” said Jennie Sparandara, Head of Workforce Initiatives, JPMorgan Chase. “As the labor market changes, our approach to education and skills development has to change along with it and JPMorgan Chase is working to address this challenge here in Boston.”
New local commitments include:
- The Boston Foundation ($515,000/2 years): This investment will help to establish the Catapult initiative to create a networks of workforce development organizations and employers that will attract and invest in candidates sourced from non-traditional talent pipelines- linking them to living-wage employment.
- YouthBuild Boston (YBB) ($200,000/1 year): Funding for YBB will allow its Pre-Apprentice Program to develop a pipeline of skilled, diverse workers ready for jobs in Boston’s building trades. Through workshops and training programs, YBB will enable approximately 350 under- and unemployed individuals to prepare for work.
- Jewish Vocational Services (JVS) ($150,000): Through JVS’ 23-week programs, the firm’s investment in JVS works to help approximately 90 underserved adults per year to earn industry-recognized college credentials linked to high-demand jobs with clear career pathways for advancement in the biotechnology and healthcare information technology fields.
- Resilient Coders ($125,000): As a potential top provider of Boston software engineering talent, support for Resilient Coders works to cultivate job and growth opportunities for lower-income people of color.
- Boston Private Industry Council (PIC) ($100,000): Support for Boston PIC allows Tech Apprentice (TA), a paid summer internship program affiliated with Boston Public Schools and UMASS, to offer summer internships for high school students studying technology-related fields.
“We have worked every day – for nearly a decade - to help lower income adults reach their goal of attending college,” said Jerry Rubin, CEO, Jewish Vocational Services. “With support from JPMorgan Chase, we’re proud to provide even more career opportunities for more people in the Boston area.”
"Boston's Office of Workforce Development works hard with community partners and employers to ensure all Boston residents have the pathways they need to gain skills and advance in the workforce," said Trinh Nguyen, director of Boston's Office of Workforce Development. "Our office has channeled millions of dollars into over 100 organizations to support workforce development, and we look forward to working with JPMorgan Chase as we continue our goals to bring opportunity and advancement to all residents."
To learn more about JPMorgan Chase’s expansion into Greater Boston, please visit chase.com/boston.
