Major bank to build Silicon Valley hub for fintech employees

The company wants to tap into the tech talent pool at the heart of Silicon Valley

Major bank to build Silicon Valley hub for fintech employees

JPMorgan is hoping to tap into the technology industry’s talent pool by opening a campus right at the heart of Silicon Valley.

The new site will be built in Palo Alto, California, with construction beginning in early 2019 and completing a year later. It will be located at Stanford Research Park, in the lot once occupied by Lockheed Martin, CNBC reported.

JPMorgan said the campus will be dedicated to the company’s financial technology services and house more than 1,000 workers.

“The addition of a first-class location is a key step for growing our presence in the Bay Area,” said Bill Wallace, JPMorgan’s head of digital, consumer and community banking, in a Bloomberg report.

The site will serve as an “innovation hub” where employees across departments can streamline their work on new products and services.

The new offices will also have a “modern workplace design with amenities that matter most to employees and state-of-the-art technology to increase collaboration,” the company said.

“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,” said Wallace.

The move is part of the company’s shift toward fintech after a series of acquisitions and partnerships in the sector. WePay, the payment tech startup acquired by JPMorgan a decade ago, will reportedly move close to 300 employees along with their CEO Bill Clerico to the new site. 

 

Related stories

Free newsletter

Our daily newsletter is FREE and keeps you up-to-date with the world of HR. Please complete the form below and click on subscribe for daily newsletters from HRD New Zealand.

Recent articles & video

How to offer a stellar employee recognition program

Insights from an award-winning HR leader

Is your organization making this killer diversity mistake?

'It starts with people and it ends with people'

Most Read Articles

How to handle a toxic boss

‘Diversity cannot thrive without a culture of inclusion’

Company fined $250K after fatal incident