JPMorgan Chase & Co. Invests $5M and Expands its Impact in Jersey City

On Jun 27, 2014

Underscoring its longstanding commitment to the Garden State, JPMorgan Chase today joined with Lt. Governor Guadagno and Jersey City Mayor Fulop to announce it will invest $5 million in philanthropic funding throughout the next five years in the community and to inaugurate its newly purchased hub in Jersey City.

“Our investment in New Jersey stems from a history of partnership – through our business and community impact. As we grow that commitment, we’re confident our expansion will lead to new jobs, healthy small business growth and increased economic development in Jersey City,” said JPMorgan Chase Chief Operating Officer Matt Zames.

The firm’s philanthropic community investment in Jersey City will quadruple the amount of prior years, making the total new commitment $5 million through 2019 for organizations like New Jersey Community Capital and Rising Tide Capital.  In addition to building workforce training programs, affordable housing support and tools for small businesses, these efforts will also help New Jerseyans master the financial skills they need to succeed.

The Christie Administration announced in May that JPMorgan Chase committed to retaining 2,600 jobs and creating 1,000 new jobs in Jersey City, resulting in a total net benefit to the State of New Jersey of $1.1 billion. And, JPMorgan Chase will make a capital investment of $76 million in the state.

“The commitment JPMorgan Chase has made to our state is something we can all celebrate as a successful partnership,” said Lt. Governor Kim Guadagno. “This Administration has worked tirelessly to attract and retain companies with a global footprint like JPMorgan Chase and we are extremely proud that they will continue to call the Garden State home.”

The Jersey City site, located at 575 Washington Blvd, will evolve to become a strategic hub for JPMorgan Chase with high performance workspaces and state-of-the-art technology to better support how employees work and foster greater collaboration across teams. The firm also plans to enlarge its core network of New Jersey community ambassadors from 30 to 50 people, with a focus on Jersey City, to engage key stakeholders and identify ways to help local neighborhoods.

This new site will not only bring new jobs to JPMorgan Chase and Jersey City, but will serve as a catalyst to spur growth throughout the area.

“We are pleased that JPMorgan Chase is expanding operations in Jersey City, bringing 1,000 new jobs which will have a tremendous impact on our residents and the businesses in the area,” said Jersey City Mayor Steven M. Fulop.  “The partnership we have had with JPMorgan through their philanthropic contributions toward city programming and for our non-profit partners speaks volumes about the impact JPMorgan is making in Jersey City and their commitment to further enhance our community.”

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