JPMorgan Chase & Co on Friday announced that it is to open a new campus for financial technology, or “fintech,” in Silicon Valley in 2020, staffed by more than 1,000 workers.
The New York-based financial giant, the biggest US bank by assets, is to build the new campus in Palo Alto, California, which is also home to Stanford University.
It announced a location in the tech-rich city for a project that is expected to break ground next year.
“The addition of a first-class location is a key step for growing our presence in the [San Francisco] Bay Area,” Bill Wallace, head of digital, consumer and community banking at JPMorgan, said in a 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.”
The move came as banks such as Bank of America Corp and Wells Fargo & Co cut retail branches as more consumers shift to digital banking, particularly through mobile phones.
Last year, JPMorgan acquired WePay, a tech start-up that provides payment processing to software platforms. The company has also formed partnerships with fintech companies Bill.com and On Deck Capital Inc.
More than 275 WePay employees, along with chief executive officer and co-founder Bill Clerico, are to move to the Palo Alto campus, the statement said.
In August, JPMorgan announced a push into online investing, offering 100 free trades and low fees to attract more millennial customers.
JPMorgan chief executive officer Jamie Dimon has dismissed the bitcoin currency as a “fraud,” but touted other leading fintech pursuits as potentially transformative for global finance.
The new office is to feature “a modern workplace design and amenities that matter most to employees and state-of-the-art technology to increase collaboration,” the company said.
GROWING CONCERN: Some senior Trump administration officials opposed the UAE expansion over fears that another TSMC project could jeopardize its US investment Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) is evaluating building an advanced production facility in the United Arab Emirates (UAE) and has discussed the possibility with officials in US President Donald Trump’s administration, people familiar with the matter said, in a potentially major bet on the Middle East that would only come to fruition with Washington’s approval. The company has had multiple meetings in the past few months with US Special Envoy to the Middle East Steve Witkoff and officials from MGX, an influential investment vehicle overseen by the UAE president’s brother, the people said. The conversations are a continuation of talks that
Nintendo Co hopes to match the runaway success of the Switch when its leveled-up new console hits shelves on Thursday, with strong early sales expected despite the gadget’s high price. Featuring a bigger screen and more processing power, the Switch 2 is an upgrade to its predecessor, which has sold 152 million units since launching in 2017 — making it the third-best-selling video game console of all time. However, despite buzz among fans and robust demand for pre-orders, headwinds for Nintendo include uncertainty over US trade tariffs and whether enough people are willing to shell out. The Switch 2 “is priced relatively high”
Alchip Technologies Ltd (世芯), an application-specific integrated circuit (ASIC) designer specializing in artificial-intelligence (AI) chips, yesterday said that small-volume production of 3-nanometer (nm) chips for a key customer is on track to start by the end of this year, dismissing speculation about delays in producing advanced chips. As Alchip is transitioning from 7-nanometer and 5-nanometer process technology to 3 nanometers, investors and shareholders have been closely monitoring whether the company is navigating through such transition smoothly. “We are proceeding well in [building] this generation [of chips]. It appears to me that no revision will be required. We have achieved success in designing
UNCERTAINTY: Investors remain worried that trade negotiations with Washington could go poorly, given Trump’s inconsistency on tariffs in his second term, experts said The consumer confidence index this month fell for a ninth consecutive month to its lowest level in 13 months, as global trade uncertainties and tariff risks cloud Taiwan’s economic outlook, a survey released yesterday by National Central University found. The biggest decline came from the timing for stock investments, which plunged 11.82 points to 26.82, underscoring bleak investor confidence, it said. “Although the TAIEX reclaimed the 21,000-point mark after the US and China agreed to bury the hatchet for 90 days, investors remain worried that the situation would turn sour later,” said Dachrahn Wu (吳大任), director of the university’s Research Center for
RSS