JPMorgan Chase & Co on Friday announced that it is to open a new campus for financial technology, or “fintech,” in Silicon Valley in 2020, staffed by more than 1,000 workers.
The New York-based financial giant, the biggest US bank by assets, is to build the new campus in Palo Alto, California, which is also home to Stanford University.
It announced a location in the tech-rich city for a project that is expected to break ground next year.
“The addition of a first-class location is a key step for growing our presence in the [San Francisco] Bay Area,” Bill Wallace, head of digital, consumer and community banking at JPMorgan, said in a statement. “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.”
The move came as banks such as Bank of America Corp and Wells Fargo & Co cut retail branches as more consumers shift to digital banking, particularly through mobile phones.
Last year, JPMorgan acquired WePay, a tech start-up that provides payment processing to software platforms. The company has also formed partnerships with fintech companies Bill.com and On Deck Capital Inc.
More than 275 WePay employees, along with chief executive officer and co-founder Bill Clerico, are to move to the Palo Alto campus, the statement said.
In August, JPMorgan announced a push into online investing, offering 100 free trades and low fees to attract more millennial customers.
JPMorgan chief executive officer Jamie Dimon has dismissed the bitcoin currency as a “fraud,” but touted other leading fintech pursuits as potentially transformative for global finance.
The new office is to feature “a modern workplace design and amenities that matter most to employees and state-of-the-art technology to increase collaboration,” the company said.
PATENTS: MediaTek Inc said it would not comment on ongoing legal cases, but does not expect the legal action by Huawei to affect its business operations Smartphone integrated chips designer MediaTek Inc (聯發科) on Friday said that a lawsuit filed by Chinese smartphone brand Huawei Technologies Co (華為) over alleged patent infringements would have little impact on its operations. In an announcement posted on the Taiwan Stock Exchange, MediaTek said that it would not comment on an ongoing legal case. However, the company said that Huawei’s legal action would have little impact on its operations. MediaTek’s statement came after China-based PRIP Research said on Thursday that Huawei filed a lawsuit with a Chinese district court claiming that MediaTek infringed on its patents. The infringement mentioned in the lawsuit likely involved
Taipei is today suspending work, classes and its US$2.4 trillion stock market as Typhoon Gaemi approaches Taiwan with strong winds and heavy rain. The nation is not conducting securities, currency or fixed income trading, statements from its stock and currency exchanges said. Authorities had yesterday issued a warning that the storm could affect people on land and canceled some ship crossings and domestic flights. Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) expects its local chipmaking fabs to maintain normal production, the company said in an e-mailed statement. The main chipmaker for Apple Inc and Nvidia Corp said it has activated routine typhoon alert
GROWTH: TSMC increased its projected revenue growth for this year to more than 25 percent, citing stronger-than-expected demand for AI devices and smartphones The Taiwan Institute of Economic Research (TIER, 台灣經濟研究院) yesterday raised its forecast for Taiwan’s GDP growth this year from 3.29 percent to 3.85 percent, as exports and private investment recovered faster than it predicted three months ago. The Taipei-based think tank also expects that Taiwan would see a 8.19 percent increase in exports this year, better than the 7.55 percent it projected in April, as US technology giants spent more money on artificial intelligence (AI) infrastructure and development. “There will be more AI servers going forward, but it remains to be seen if the momentum would extend to personal computers, smartphones and
CHANGE OF FORTUNES: Concern over a pricey valuation and the risk of tighter US curbs on chip sales to China have poured cold water on TSMC’s bullish momentum Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) shares fell the most in three months yesterday upon trading resumption, joining a global technology rout as investors dramatically soured on the promises of artificial intelligence (AI). The shares declined 5.62 percent to close at NT$924 in Taipei, dragging down the benchmark TAIEX, which fell 3.29 percent to 22,119.21 points amid a technical correction, Taiwan Stock Exchange data showed. Other chip stocks also fell, with ASE Technology Holding Co (日月光投控) plunging 9.86 percent, MediaTek Inc (聯發科) dropping 2.35 percent, Realtek Semiconductor Corp (瑞昱) falling 1.33 percent and United Microelectronics Corp (聯電) retreating 1.17 percent, while Apple