A Palo Alto office for more than 1,000 employees is set to open in 2020
J.P. Morgan is planning to open a “fintech campus” in Silicon Valley amidst competition from start-ups attracting millennials and addressing fraud and cybersecurity risks, according to a report by CNBC.
Development on the campus will begin early next year, with the office scheduled to open in 2020. The facility in Palo Alto, Calif., will house more than 1,000 employees.
J.P. Morgan is the largest US bank by assets, and CEO Jamie Dimon sees technology upgrades as critical to fend off competition. In his latest letter to shareholders, Dimon noted that the bank employs almost 50,000 in technology. He also talked about investments into artificial intelligence and machine learning as well as efforts to build up its cloud infrastructure.
The announcement follows the bank’s 2017 purchase of WePay, a payment start-up competing against PayPal and Stripe in the small businesses segment. Currently based in nearby Redwood City, the 275 employees of WePay will move to the new facility.
In addition to plans for the new space, WePay COO Tina Hsiao said Dimon had committed to double WePay’s engineering team when the companies closed the acquisition.
According to J.P. Morgan, the campus will include an “innovation hub” and a “modern workplace design with amenities that matter most to employees and state-of-the-art technology to increase collaboration.”
