Market Overview

JPMorgan Chase Opens First Retail Branch in Greater Washington, Announces Higher Local Wages and New Community Investments


First six branches to open and 80 employees hired by Year End

$1.6 million philanthropic investment to help with job training,
affordable housing, financial health and minority and women-owned small

Local wages for branch employees increase to no less than $18/hour

JPMorgan Chase today announced the grand opening of its first branch in
Greater Washington, D.C. and made several new investments to increase
economic and wage growth in the region.

Earlier this year, the firm announced it would open 70 new branches,
hire 700 new employees, commit $4 billion to regional home and small
business lending and $500 million to affordable rental housing and $25
million in philanthropy to drive inclusive regional economic growth.

Specifically, today, the firm is:

  • Opening the first retail branch in Greater Washington at McPherson
    Square in Washington, D.C., offering a sneak peak of the new Anacostia
    location to community partners, and said it will open a total of six
    new branches by the end of the year,
  • Making a $1.6 million philanthropic investment to support underserved
    areas in the region,
  • Hiring 80 new employees by the end of the year, and
  • Increasing local wages to no less than $18/hour, up from $16.50/hour.

"Greater Washington is a great place to live and do business. We're
incredibly excited to open our first branch in the region," said Peter
Scher, Chairman of the Mid-Atlantic Region and Global Head of Corporate
Responsibility, JPMorgan Chase.
"As the region continues its
extraordinary growth, we want to play our part in creating economic
opportunity for more people here."

Greater Washington Branch Openings

By the end of the 2018, Chase branches will have opened at six locations
including 1401 New York Avenue NW (McPherson Square), 2200 Martin Luther
King, Jr. Avenue SE (Anacostia), 3100 14th Street NW
(Columbia Heights), 3900 Minnesota Avenue NE (Ward 7/Benning), 1111 New
Jersey Avenue SE (Navy Yard/Capital Riverfront), and 2825 Wilson Blvd
(Clarendon) in Arlington.

At least 20 percent of new Chase branches will be built in low and
moderate income communities including Wards 7 & 8 in Washington, D.C.,
Prince George's County, and neighborhoods in Baltimore.

Supporting the Community and Employees

Each new Greater Washington branch will employ seven to nine employees,
including bankers, tellers and branch managers. Entry-level employees in
each branches will be paid no less than $18.00/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.

"We are so proud that our branches are now a part of the Greater
Washington community, such an important region in the country, and to be
able to help more of our customers here," said Thasunda Brown
Duckett, CEO of Chase Consumer Banking
. "Our branches are all about
people, from our customers to our employees. We've designed these new
branches to be a reflection of the communities they'll serve."

To help design and build the new branches, JPMorgan Chase partnered with
local, community based vendors and small businesses to ensure a diverse
set of suppliers were engaged.

Additionally, the firm teamed up with Arts on the Block, a nonprofit
that works with middle and high school youth, to create works of art
inspired by local neighborhoods. Built through a series of mosaic tiles,
these art apprentices created and installed murals in and outside of the
three new branches in Benning, Anacostia and Shaw. Gaining real world
design experience throughout the process, the apprentices met with the
local community members to explore the rich history, diversity and
cultural meanings of each neighborhood to come up with a unique design
pattern for each space.

The McPherson Square branch is also home to a brick wall that was
transferred from the remains of an historic Baltimore row house to the
new branch in downtown Washington.

Investing in Economic Opportunity

JPMorgan Chase is investing $25 million to drive more inclusive regional
growth. Specifically, as part of the $1.6 million philanthropic
investment announced today, the firm will help people develop the skills
they need to secure in-demand jobs, help minority-owned businesses
expand, revitalize neighborhoods and improving consumer financial health.

  • Washington Area Community Investment Fund (WACIF) ($200,000):
    As part of its ASCEND Capital Accelerator 2.0 WACIF will provide 18-22
    minority and women-owned small to mid-sized businesses in the
    construction industry with technical assistance and tailored loan
    products to assist in developing new business.
  • Urban Ed ($150,000/1 year): UrbanEd, located in Anacostia, will
    provide approximately sixty participants with career coaching,
    technical training in IT and cybersecurity, as well as job placement
    to STEMAcad students in Ward 7 & 8 in Washington, D.C.
  • Capital Impact Partners (CIP) ($75,000/6 months): CIP will
    develop a multi-year program that provides the foundation for
    providing capital and capacity building to minority small business
    owners in Greater Washington.
  • Enterprise Community Partners, Inc. ($200,000/2 years): This
    initiative works with the faith community to create or preserve 250
    affordable housing units through development, organizational capacity
    building and one-on-one technical assistance. Working in LMI
    communities, the group works to remove barriers to accessing
    affordable housing and enhance overall outcomes for those in need.
  • Latino Economic Development Corporation of Washington DC (LEDC)
    ($200,000/1 year):
    LEDC will provide technical assistance and
    access to capital for approximately 20 small businesses in the
    commercial corridors in Wards 7 and 8 as a part of the ASCEND 2020
    team. The support is designed to protect LMI business owners from
    displacement due to development in Wards 7 and 8.
  • Coalition for Nonprofit Housing and Economic Development (CNHED)
    ($717,000/2 years):
    Three separate commitments to CNHED aim to
    connect LMI residents to economic and affordable housing opportunities
    through the Mayor's Landlord Fund, which included furthering best
    practices with Houston based- Corporation for Supportive Housing
    ($12,000) as well as working with universities and hospitals to
    increase the rate at which they contract and hire minority owned firms.
  • Leadership Edge ($50,000): JPMorgan Chase offered the firm's
    in-house leadership training, Leadership Edge, to local nonprofits as
    part of a broader effort to strengthen nonprofit capacity. Washington,
    D.C. is the second city, after Chicago, to pilot the program.

"When we give our residents the skills and opportunities they need to
get well-paying jobs, we reduce the likelihood that they'll move out of
the communities where they want to live," said Roxanne J. Williams,
President, UrbanEd
. "As JPMorgan Chase grows in the Greater
Washington region, it's good to know they want the whole community to
grow with them, and I'm proud to partner with them to help train a
stronger and better workforce in Ward 7 & 8."

Commitment to Greater Washington

JPMorgan Chase has been doing business in the Greater Washington region
since 1999 and this expansion means the firm will open up to 70 new
branches and hire up to 700 new employees.

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.

About JPMorgan Chase & Co.

JPMorgan Chase & Co. (NYSE:JPM) is a leading global financial services
firm with assets of $2.6 trillion and operations worldwide. The Firm is
a leader in investment banking, financial services for consumers and
small businesses, commercial banking, financial transaction processing,
and asset management. A component of the Dow Jones Industrial Average,
JPMorgan Chase & Co. serves millions of customers in the United States
and many of the world's most prominent corporate, institutional and
government clients under its J.P. Morgan and Chase brands. Information
about JPMorgan Chase & Co. is available at

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