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JPMorgan (JPM) Announces Plans to Expand in South Florida
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JPMorgan (JPM - Free Report) has disclosed its plans of expanding in South Florida, which is one of the bank’s key strategic regions in the country. The company announced that it would open a 13,000-square-foot office in West Palm Beach.
JPMorgan’s Brickell office in Downtown Miami will increase in size from 80,000 square feet to 160,000 square feet in part to accommodate 400 additional employees. Currently, it includes more than 500 employees across all of JPM’s lines of business and functions.
The expansion plan will likely trigger an average of $151 million in additional economic activity for South Florida and support 380 local construction jobs per year during the construction period.
Through this two-year project, JPM will renovate and expand its Miami Client Center to create a world-class meeting and function space to host client and employee events. The investment in the Brickell office includes refurbished work floors with state-of-the-art technology and furniture, updated meeting rooms, common spaces, restrooms, and pantry areas.
Jonathan Bello, the head of JPMorgan for Business Miami and co-chair of the South Florida Market Leadership Team, stated, “Miami and South Florida are home to an increasing number of our clients, customers, community partners and employees, and a strategic location for our operations in Latin America as well. Like our investment with Inter-Miami CF to create Chase Stadium, these expansions reflect the opportunity that this area represents as well as our commitment to be the bank for all in South Florida.”
In addition to the above-mentioned expansion, JPM plans to open three J.P. Morgan Financial Centers in Palm Beach, Jupiter and Palm Beach Gardens early next year. The locations are among more than 20 J.P. Morgan Financial Centers to be opened across the country.
JPM will add new offices in Melbourne, Sarasota and Fort Myers. It is also in the middle of executing a significant investment in its Tampa Corporate Center offices.
The company serves above 6.2 million consumers and 678,000 small businesses through more than 400 local branches across Florida. Over the last three years, it made more than $46 million in philanthropic and business investments in South Florida, and nearly $65 million statewide to increase homeownership opportunities, accelerate wealth creation, help small businesses grow and expand financial health for residents.
In the past six months, JPM shares have gained 17.3% compared with the industry’s 13.4% growth.
As geopolitical tensions increase elsewhere in the world, Morgan Stanley (MS - Free Report) looks to expand its investments in Latin America. John Moore, the person heading the Latin America region for MS, said that because of wars in Europe and the Middle East, and increasing tensions in Asia, the importance of Latin America has risen “for reorganizing supply chains and accessing everything from food and industrial metals to transition fuels and pharmaceutical ingredients.”
Given Latin America’s growing economic importance, Morgan Stanley is steadily increasing its investments in Brazil, Mexico and other Latin American countries.
The firm is adding personnel and capital, with significant opportunities seen in merger-and-acquisition advice, capital-markets underwriting, sales and trading, and private credit.
Likewise, given that India’s asset management industry is rapidly growing, The Bank of New York Mellon Corporation (BK - Free Report) is considering entry. According to people with knowledge of the matter, BK already has a strategy ready on how it will operate in India.
BNY Mellon plans to begin operations in India in the next 12-18 months. However, the timeline for approaching SEBI to seek a license to operate in the country’s asset management industry is not yet known.
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JPMorgan (JPM) Announces Plans to Expand in South Florida
JPMorgan (JPM - Free Report) has disclosed its plans of expanding in South Florida, which is one of the bank’s key strategic regions in the country. The company announced that it would open a 13,000-square-foot office in West Palm Beach.
JPMorgan’s Brickell office in Downtown Miami will increase in size from 80,000 square feet to 160,000 square feet in part to accommodate 400 additional employees. Currently, it includes more than 500 employees across all of JPM’s lines of business and functions.
The expansion plan will likely trigger an average of $151 million in additional economic activity for South Florida and support 380 local construction jobs per year during the construction period.
Through this two-year project, JPM will renovate and expand its Miami Client Center to create a world-class meeting and function space to host client and employee events. The investment in the Brickell office includes refurbished work floors with state-of-the-art technology and furniture, updated meeting rooms, common spaces, restrooms, and pantry areas.
Jonathan Bello, the head of JPMorgan for Business Miami and co-chair of the South Florida Market Leadership Team, stated, “Miami and South Florida are home to an increasing number of our clients, customers, community partners and employees, and a strategic location for our operations in Latin America as well. Like our investment with Inter-Miami CF to create Chase Stadium, these expansions reflect the opportunity that this area represents as well as our commitment to be the bank for all in South Florida.”
In addition to the above-mentioned expansion, JPM plans to open three J.P. Morgan Financial Centers in Palm Beach, Jupiter and Palm Beach Gardens early next year. The locations are among more than 20 J.P. Morgan Financial Centers to be opened across the country.
JPM will add new offices in Melbourne, Sarasota and Fort Myers. It is also in the middle of executing a significant investment in its Tampa Corporate Center offices.
The company serves above 6.2 million consumers and 678,000 small businesses through more than 400 local branches across Florida. Over the last three years, it made more than $46 million in philanthropic and business investments in South Florida, and nearly $65 million statewide to increase homeownership opportunities, accelerate wealth creation, help small businesses grow and expand financial health for residents.
In the past six months, JPM shares have gained 17.3% compared with the industry’s 13.4% growth.
Image Source: Zacks Investment Research
Currently, JPMorgan carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
Expansion Efforts by Other Firms
As geopolitical tensions increase elsewhere in the world, Morgan Stanley (MS - Free Report) looks to expand its investments in Latin America. John Moore, the person heading the Latin America region for MS, said that because of wars in Europe and the Middle East, and increasing tensions in Asia, the importance of Latin America has risen “for reorganizing supply chains and accessing everything from food and industrial metals to transition fuels and pharmaceutical ingredients.”
Given Latin America’s growing economic importance, Morgan Stanley is steadily increasing its investments in Brazil, Mexico and other Latin American countries.
The firm is adding personnel and capital, with significant opportunities seen in merger-and-acquisition advice, capital-markets underwriting, sales and trading, and private credit.
Likewise, given that India’s asset management industry is rapidly growing, The Bank of New York Mellon Corporation (BK - Free Report) is considering entry. According to people with knowledge of the matter, BK already has a strategy ready on how it will operate in India.
BNY Mellon plans to begin operations in India in the next 12-18 months. However, the timeline for approaching SEBI to seek a license to operate in the country’s asset management industry is not yet known.