JPMorgan Chase & Co. plans to open a fintech campus in Palo Alto, California, part of the bank’s efforts to attract more Silicon Valley talent.
The campus, scheduled to break ground early next year and open in 2020, will have more than 1,000 employees, JPMorgan said in a statement Friday. The new financial-technology offices will make it easier for workers across business lines to host events and collaborate on new products and services, the company said.
“The addition of a first-class location is a key step for growing our presence in the Bay Area,” Bill Wallace, head of digital, consumer and community banking at JPMorgan, said in the statement. “This is an important market for us, and we’re looking forward to expanding our footprint and attracting more of the area’s top talent.”
JPMorgan has been moving further into fintech. Late last year, the company acquired the startup WePay, founded in 2008, to help its 4 million small-business customers accept payments faster, and has formed partnerships with fintech companies Bill.com and On Deck Capital Inc. More than 275 WePay employees along with its chief executive officer and co-founder, Bill Clerico, will move to the Palo Alto campus, according to the statement.
New York-based JPMorgan already has an office on Mission Street in San Francisco. The plans for the Palo Alto office were reported earlier Friday by CNBC.