The world’s biggest bank is placing a major bet on California, expanding its footprint and pouring billions into housing after CEO Jamie Dimon said the city has turned a corner.
JPMorgan Chase designated the Bay Area as its 24th corporate center and announced a new round of investments on Monday—underscoring the region’s growing importance to the nation’s largest bank.
Speaking at San Francisco’s Chase Center — where the bank owns the naming rights — Dimon praised Mayor Daniel Lurie, saying he is “doing all the right stuff” as crime falls and the city pushes forward with plans to allow more housing.
“It’s definitely turned,” Dimon said, comparing San Francisco’s current trajectory with the difficult years immediately following the pandemic.
Still, Dimon acknowledged the city continues to struggle with soaring housing costs and retaining essential workers, including nurses and teachers, amid widening inequality.
“If you had proper (housing) supply that could be rapidly deployed, you wouldn’t have that problem,” Dimon said. “I think we should raise our hand and do things that fix it.”
As part of that effort, JPMorgan invested $200 million to help finance a 342-unit waterfront housing development less than a mile from Chase Center, according to the San Francisco Chronicle.
The bank also announced a $750 billion commitment through 2035 to increase U.S. housing supply, including financing for 1 million affordable housing units.
Dimon argued San Francisco’s high cost of living is ultimately a sign of economic success rather than failure.
“Not having success is not the best way to fix,” he said.
Laura Foote, executive director of housing advocacy group YIMBY Action, welcomed JPMorgan’s housing investments but said local leaders still need to do more to address the city’s housing shortage.
The Bay Area is now JPMorgan’s 24th corporate center. Noah Wintroub, the bank’s global chair, is its top Bay Area executive, and the company plans to designate additional staff to coordinate the region.
“JPMorganChase has supported the Bay Area for more than 120 years, and we’re building on that commitment today, with a newly designated corporate center,” Dimon said in a statement.
“Bringing our people together, in-person, helps us foster a stronger culture, better collaboration, and as a result, better outcomes for our clients.”
JPMorgan employs nearly 5,000 people in the Bay Area and serves roughly 3 million consumer clients there. The bank has also provided more than $72 million in philanthropic support across the region since 2019.
The lender recently completed renovations at its San Francisco hub on Mission Street, while rival Wells Fargo has continued reducing its office space and workforce since the pandemic.
Dimon also dismissed concerns that artificial intelligence is a speculative bubble, saying it will “do wonders” and save lives — predicting the technology would eventually help cure cancer.