JPMorgan Chase opens DC headquarters, will double regional branches

New York-based JPMorgan Chase, one of the few banks that is expanding its number of retail branches in the D.C. metro area, has cut the ribbon on its new mid-Atlantic headquarters in downtown D.C.

The bank has also more than doubled its original plans for branch openings between Baltimore and Richmond.

JPMorgan Chase has cut the ribbon on its new mid-Atlantic headquarters near McPherson Square in downtown D.C. (WTOP/Jeff Clabaugh)

“This region is one of the largest economies in the country,” said Peter Scher, chair of mid-Atlantic operations for Chase. “JPMorgan Chase is supporting the future of Greater Washington. Our hope is to provide more economic opportunity for all people no matter the neighborhoods where they live and work.”

Chase now plans to open 70 additional branches in the region by 2025, including 40 in D.C., and the Northern Virginia and Maryland suburbs. It says 30% will be in low- to moderate-income communities.

It also plans to open 20 new branches in the Baltimore area and 10 in Virginia Beach, Virginia.

The new mid-Atlantic headquarters, at 875 15th St. NW on the corner of McPherson Square, is the renovation of the Bowen Building, a 12-story, 231,000-square-foot historic building. The new headquarters consolidates nearly 600 JPMorgan Chase employees in D.C.

The company acquired the building from JBG Smith in 2018 for $140 million.

JPMorgan Chase has more than 1,300 employees in the D.C. region.

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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