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.
SEMICONDUCTORS: The German laser and plasma generator company will expand its local services as its specialized offerings support Taiwan’s semiconductor industries Trumpf SE + Co KG, a global leader in supplying laser technology and plasma generators used in chip production, is expanding its investments in Taiwan in an effort to deeply integrate into the global semiconductor supply chain in the pursuit of growth. The company, headquartered in Ditzingen, Germany, has invested significantly in a newly inaugurated regional technical center for plasma generators in Taoyuan, its latest expansion in Taiwan after being engaged in various industries for more than 25 years. The center, the first of its kind Trumpf built outside Germany, aims to serve customers from Taiwan, Japan, Southeast Asia and South Korea,
Gasoline and diesel prices at domestic fuel stations are to fall NT$0.2 per liter this week, down for a second consecutive week, CPC Corp, Taiwan (台灣中油) and Formosa Petrochemical Corp (台塑石化) announced yesterday. Effective today, gasoline prices at CPC and Formosa stations are to drop to NT$26.4, NT$27.9 and NT$29.9 per liter for 92, 95 and 98-octane unleaded gasoline respectively, the companies said in separate statements. The price of premium diesel is to fall to NT$24.8 per liter at CPC stations and NT$24.6 at Formosa pumps, they said. The price adjustments came even as international crude oil prices rose last week, as traders
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), which supplies advanced chips to Nvidia Corp and Apple Inc, yesterday reported NT$1.046 trillion (US$33.1 billion) in revenue for last quarter, driven by constantly strong demand for artificial intelligence (AI) chips, falling in the upper end of its forecast. Based on TSMC’s financial guidance, revenue would expand about 22 percent sequentially to the range from US$32.2 billion to US$33.4 billion during the final quarter of 2024, it told investors in October last year. Last year in total, revenue jumped 31.61 percent to NT$3.81 trillion, compared with NT$2.89 trillion generated in the year before, according to
PRECEDENTED TIMES: In news that surely does not shock, AI and tech exports drove a banner for exports last year as Taiwan’s economic growth experienced a flood tide Taiwan’s exports delivered a blockbuster finish to last year with last month’s shipments rising at the second-highest pace on record as demand for artificial intelligence (AI) hardware and advanced computing remained strong, the Ministry of Finance said yesterday. Exports surged 43.4 percent from a year earlier to US$62.48 billion last month, extending growth to 26 consecutive months. Imports climbed 14.9 percent to US$43.04 billion, the second-highest monthly level historically, resulting in a trade surplus of US$19.43 billion — more than double that of the year before. Department of Statistics Director-General Beatrice Tsai (蔡美娜) described the performance as “surprisingly outstanding,” forecasting export growth
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