JPMorgan is relocating its Philly office, with plans to hire 100
More than 250 people currently working for JPMorgan's Philadelphia-area operations are joining Aramark and Audacy at 2400 Market St.
JPMorgan Chase & Co. is moving Center City operations to larger quarters at 2400 Market St., the black-boxes building above the Schuylkill’s east bank that also houses Aramark, Audacy, and the Fitler Club.
The largest U.S. bank is leaving its Philadelphia outpost at One Liberty Place, nine blocks east, for the 62,000-square-foot fifth floor at 2400, doubling space at its main corporate offices for the region.
Aramark is giving up the space as it consolidates in-office staff. JPMorgan CEO Jamie Dimon says the company expects its workers to be in-office every day.
The floor will house 370 workers when it’s full, said Stephen Wright, JPMorgan private bank managing director and cochair of its Delaware and Philadelphia leadership team. That includes more than 250 JPMorgan workers now based at Liberty Place and 1735 Market St., including corporate and investment bankers, securities traders, and wealth managers, plus more than 100 new hires expected over the next few years, the bank announced Tuesday.
The nearby Amtrak station at 30th Street, which gives JPMorgan employees easy access to trains to their Manhattan headquarters, is “a huge plus,” Wright said. “We also have a big hub in D.C. and 12,000 people in Delaware,” also served by Amtrak.
The bank says it expects 200 construction workers will help transform the 2400 Market space over the next 18 months.
JPMorgan managed $5 trillion in loans and other assets, plus just over $5 trillion in investments, as of June 30.
The company has been boosting its Philadelphia-area Chase network — it now has 80 branches — since opening the first in 2018, and plans at least 20 more. JPMorgan has nearly 5,000 branches nationally and has been opening more while rivals such as Wells Fargo and PNC have been shutting offices.
The bank employs more than 600 in Philadelphia and its suburbs, including its branches. They offer loans, investments and financial advice, and other services to small and midsized companies, according to Wright.
JPMorgan also plans a central office for services to wealthy customers on the fifth floor, and a branch open to the public a block away at a former 7-Eleven at 22nd and Market Streets.
The bank’s large corporate customers in the region include Philadelphia-based Comcast, whose co-chief executive officer Michael Cavanagh is a former JPMorgan chief financial officer, and South Korea’s Hanwha Group, which has plans to invest $5 billion in expanding its Hanwha Philly Shipyard.
Dimon, the bank’s CEO since 2005, visited the Hanwha yard last summer to announce it is helping finance the neighboring Rhoads Industries shipyard expansion and Chamber of Commerce-backed shipyard and construction worker training programs. He said he hoped to finance larger Hanwha projects.
JPMorgan typically manages relations with multinational companies like Comcast and Hanwha through investment banking groups based at its Manhattan headquarters and other major offices.
Wright said Philadelphia-area local bankers serve individual corporate employees and small and midsized business owners and executives, as well as home buyers, student borrowers and other mass-market customers.
JPMorgan’s “private” banking unit, targeting rich customers, has doubled its Philadelphia staff since 2021 and plans to double again by 2031, Colin Wetherill, head of investments and advice for the bank’s mid-Atlantic region, said in a statement.
The company estimates that it has more than 250,000 individual consumers and nearly 23,000 small-business customers in the region, which has a total population of around 6 million.
JPMorgan’s largest employment center is in the Dallas area. Its office and technical centers in northern Delaware are substantially larger than its Philadelphia presence, employing more than 12,000. The Wilmington area is a major employment center for the company’s credit card and technology businesses and other operations.
Editor’s Note: A previous version of this story misstated the year Jamie Dimon became CEO of JPMorgan. The error has been corrected.
