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JPMorgan Chase & Co. plans to open a fintech campus in Palo Alto, California, as part of the bank's efforts to attract more talent to Silicon Valley.
The campus, expected to begin work early next year and open in 2020, will have more than 1,000 employees, JPMorgan said in a statement on Friday. The new financial technology offices will facilitate the organization of events and collaboration on new products and services for workers in all industries, the company said.
"The addition of a first-class site is a key step in strengthening our presence in the Bay Area," said Bill Wallace, JPMorgan's Private Banking, Consumer and Personal Banking Manager. , in the press release. "This is an important market for us and we look forward to expanding our presence and attracting some of the most talented talent in the region."
JPMorgan went further in the fintech. Last year, the company acquired the start-up WePay, created in 2008, to help its 4 million small businesses accept payments faster, and forged partnerships with fintech companies Bill.com and On Deck Capital Inc. Bill Clerico, its managing director and co-founder, will move to the Palo Alto campus, the statement said.
JPMorgan, based in New York, already has an office on Mission Street in San Francisco. Plans for the Palo Alto office were reported earlier Friday by CNBC.
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