Good afternoon,
News that JPMorgan Chase plans to open banking offices in Delaware while supporting a program to assist University of Delaware students with autism offered further reminders of the financial service giant’s presence in Delaware.
JPMorgan Chase has been keeping a low profile over the past couple of years but has grown steadily.
As noted in the story above, total employment moved past 11,000, a figure that is larger than the reported peak figure of 10,000 at MBNA. MBNA was purchased by Bank of America, which at last report employs 6,700 in Delaware.
Employment at JPMorgan Chase is diversified with technology, credit cards and other corporate and consumer activities located in northern Delaware.
The growth at Chase and steady employment levels at other banks helped keep the Delaware economy from falling off a cliff in the recession of 2009. By contrast, banking and financial services jobs became fewer in other metro areas.
Delaware has paid a price in efforts to retain jobs. Corporate income taxes were reduced to the level of neighboring states.
The adjustment, while necessary, contributed to budget hassles in recent years. The alternative – the loss of jobs – would have been worse.
Meanwhile, JPMorgan Chase keeps rolling along and one day your neighborhood may have a Chase bank branch.
Have a great Monday and check out the story links below. – Doug Rainey, publisher. – Doug Rainey, publisher.
