CALIFORNIA, U.S. - In a bid to attract more talent at its California office, JPMorgan Chase & Co announced that it was planning to launch a new centre in Palo Alto.
Unveiling its project that is set to begin early next year, America's largest bank by assets - JPMorgan said that it was building a new fintech campus in Silicon Valley, with the building set to open in 2020.
According to a statement released by the bank, its new building in Palo Alto will house over 1,000 employees and most of these employees will work for JPMorgan's Chase Merchant Services division.
The financial giant's plans come as it pushes ahead with plans to expand operations in digital payments.
Last year, the second-biggest U.S. processor of card payments for merchants - JPMorgan's Chase Merchant Services division bought a company that specializes in connecting payment software with bank networks called WePay.
WePay, which is set to move to the new building in 2020, currently has 275 employees and the company's co-founder Bill Clerico has said that the bank will also hire hundreds of people for new jobs at the site.
Meanwhile, in its official statement, JPMorgan said that the new financial-technology offices will make it easier for workers across business lines to host events and collaborate on new products and services.
Bill Wallace, head of digital, consumer and community banking at JPMorgan, said in the statement, "The addition of a first-class location is a key step for growing our presence in the Bay Area. 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."