Chase announces it will more than double its original branch commitment from Baltimore to Richmond to more than 140 branches by the end of 2025
Washington D.C., May 9, 2022 – On Monday, May 9, 2022, JPMorgan Chase cut the ribbon to its newly renovated regional headquarters, the Bowen Building at 875 15th St. NW at the corner of McPherson Square in Washington D.C. This acquisition reinforces the firm’s commitment to Washington D.C. and the Greater Washington region.
The 12-story, 231,000 square foot historic building’s main lobby and interiors was redesigned by Marnique Heath of STUDIOS Architecture and consolidates nearly 600 of the firm’s Washington D.C. employees. The space has a modern 21st century infrastructure including smart technology, community and event space for utilization by JPMorgan Chase clients, D.C. non-profits and community groups, and collaborative workspaces that can easily adapt for the future.
With this new headquarters commitment, JPMorgan Chase will make a significant impact on the local economy – helping small businesses and supporting additional job growth as the region recovers from the global pandemic. This opening comes on the heels of JPMorgan Chase’s $75 million commitment in philanthropic and flexible low-cost loans to help close the racial wealth divide from Baltimore, MD to Richmond, VA.
“This region – stretching from Richmond to Baltimore – is one of the largest economies in the country,” said Peter Scher, JPMorgan Chase Vice Chairman and Chair of the Mid-Atlantic. “With the opening of our Mid-Atlantic headquarters, and our continued philanthropic and business commitments, JPMorgan Chase is supporting the future of Greater Washington. Our hope is to provide more economic opportunity for all people no matter the neighborhoods where they live and work.”
Expanding the Chase Branch Footprint
Chase is doubling its original branch network commitment made in 2018 to 140 branches by 2025 throughout Washington D.C., Maryland and Virginia, with 30% of branches in low- to moderate-income communities such as Wards 7 and 8 in Washington, D.C., Cherry Hill, West Baltimore, and Prince George’s County in Maryland, and the Ghent neighborhood in Hampton Roads, Virginia.
“Our branches play a vital role in connecting our neighbors and local businesses to critical resources that meet their financial needs and help them build a stronger financial future,” said Racquel Oden, Head of Chase Network Expansion. “We are proud to bring the power of our branches to more households, businesses and communities across the region.”
The new commitment to support local and regional growth includes:
- 40 branches in the District of Columbia and the surrounding Maryland and northern Virginia communities
- 20 branches in Baltimore and its surrounding communities
- 10 branches in Virginia Beach, Virginia
As part of this expansion, Chase will open its second Mid-Atlantic community branch at Mondawmin Mall in West Baltimore this fall. The innovative, community-inspired model will be one of 17 community centers among Chase’s 4,700 branches nationwide. This new branch format is part of the firm’s continued $30 billion national effort to help advance racial equity and close the racial wealth gap among Black, Hispanic and Latin communities.
“We are grateful to have JPMorgan Chase as an incredible partner in our work to reinvest and foster inclusive growth in Baltimore’s communities,” said Baltimore City Mayor Brandon M. Scott. “Their commitment to equity and financial empowerment is a key part of Baltimore’s renaissance, and we couldn’t be more excited that a new branch will be opening in West Baltimore.”
JPMorgan Chase has been doing business in the Greater Washington region since 1999 and has more than 1,300 employees in D.C., Maryland, and Virginia. The firm has a significant client base in the region for credit cards, federal government, consumer, commercial, business, nonprofit, asset and wealth management, auto finance and investment banking.
The firm also operates offices in Tysons Corner, VA, Bethesda, MD, Baltimore, MD, Norfolk, VA and Richmond, VA serving small- and mid-sized businesses, and private banking clients. By the end of 2022 Chase will have 70 branches open from Baltimore, MD to Richmond, VA.
