JPMorgan Chase opens first DC branch, with more to come

WASHINGTON — JPMorgan Chase has opened its first retail banking branch in the Washington area and will open several others before the end of the year.

The first branch opened this week at 1401 New York Ave. Northwest, in McPherson Square. It also offered a sneak peek this week to community leaders of its new Anacostia branch that will open at 2200 Martin Luther King Jr. Ave. Southeast Dec. 14.

JPMorgan Chase enters the Washington retail banking market with a promise of opening 70 new branches in the Washington and Baltimore areas and hiring 700 new employees.

It has also committed $4 billion to regional home and small business lending, $500 million to affordable rental housing and $25 million to philanthropy for local economic growth.

“As the region continues its extraordinary growth, we want to play our part in creating economic opportunity for more people here,” said Peter Scher, JPMorgan Chase chairman of the mid-Atlantic region and global head of corporate responsibility.

Other Chase branches opening before the end of the year will be in Columbia Heights, at 3100 14th St. Northwest; 3900 Minnesota Avenue Northeast; 1111 New Jersey Ave. Southeast in Capital Riverfront; and at 2825 Wilson Blvd. in Arlington, Virginia.

Chase says at least 20 percent of new branches it plans to eventually open in the area will be in low- and moderate-income communities, including Wards 7 and 8 in D.C., in Prince George’s County and in neighborhoods in Baltimore.

Chase will hire 80 new employees for its local branches opening before the end of the year, and says local wages will be no less than $18 an hour.

Jeff Clabaugh

Jeff Clabaugh has spent 20 years covering the Washington region's economy and financial markets for WTOP as part of a partnership with the Washington Business Journal, and officially joined the WTOP newsroom staff in January 2016.

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