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.
The domestic unit of the Chinese-owned, Dutch-headquartered chipmaker Nexperia BV will soon be able to produce semiconductors locally within China, according to two company sources. Nexperia is at the center of a global tug-of-war over critical semiconductor technology, with a Dutch court in February ordering a probe into alleged mismanagement at the company. The geopolitical tussle has disrupted supply chains, with some carmakers reportedly forced to cut production due to chip shortages. Local production would allow Nexperia’s domestic arm, Nexperia Semiconductors (China) Ltd (安世半導體中國), to bypass restrictions in place since October on the supply of silicon wafers — etched with tiny components to
Taiwan is open to joining a global liquefied natural gas (LNG) program if one is created, but on the condition that countries provide delivery even in a scenario where there is a conflict with China, an energy department official said yesterday. While Taiwan’s priority is to have enough LNG at home, the nation is open to exploring potential strategic reserves in other countries such as Japan or South Korea, Energy Administration Deputy Director-General Chen Chung-hsien (陳崇憲) said. While the LNG market does not have a global reserve for emergencies like that of oil, the concept has been raised a few times —
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) yesterday received government approval to deploy its advanced 3-nanometer (3nm) process at its second fab currently under construction in Japan, the Ministry of Economic Affairs said in a news release. The ministry green-lit the plan for the facility in Kumamoto, which is scheduled to start installing equipment and come online in 2028 with a monthly production capacity of 15,000 12-inch wafers, the ministry said. The Department of Investment Review in June 2024 authorized a US$5.26 billion investment for the facility, slated to manufacture 6- to 12nm chips, significantly less advanced than 3nm process. At a meeting with
Standard Chartered Taiwan on March 26 announced that it has partnered with international fintech firm FinIQ to build an “Automated Structured Products Pricing Platform.” The bank is also introducing products from global issuers including Goldman Sachs Group Inc, Barclays PLC and BNP Paribas SA. The new platform enables an end-to-end process whereby it finds the most competitive pricing across multiple issuers in a matter of minutes, followed by automated documentation and transaction execution, which significantly shortens time-to-market and delivers a superior wealth management experience. Standard Chartered Bank Taiwan CEO Anthony Yu (游天立) said: “Standard Chartered is increasingly leveraging its wealth management
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