JPMORGAN PLANS BOSTON HIRING SPREE AFTER LEASING OFFICE SPACE

(Bloomberg) -- JPMorgan Chase & Co. plans to add hundreds of jobs in Boston after agreeing to become the anchor tenant in the city’s newest skyscraper.

The bank will consolidate three existing Boston offices into more than eight floors of the South Station Tower beginning in early 2028, it said in a statement on Tuesday. JPMorgan expects to hire about 300 employees in commercial banking, private banking and institutional sales and marketing over the next several years, adding to roughly 700 workers it already employs locally.

The move marks one of the largest recent office commitments in downtown Boston and comes as the city works to diversify its economy beyond the life sciences sector that surged during the pandemic but has since cooled.

The region’s biopharmaceutical industry — the subject of global envy just a few years ago during a Covid-fueled investment boom — has slowed amid tighter federal funding and increased competition from China. Local leaders and investors have increasingly turned to areas such as climate technology, military tech and artificial intelligence as potential drivers of growth.

JPMorgan executives say the region’s deep pool of investors and talent still make Boston a strong long-term bet. Universities such as the Massachusetts Institute of Technology and Harvard University continue to produce highly skilled graduates, and the bank also sees room for growth in industries such as health care, robotics and AI, as well as life sciences.

“We’ve been around for 240 years. We tend not to make decisions based on short-term market conditions,” said Dan Curtin, New England market manager at JPMorgan Private Bank.

The 250,000-square-foot (23,200-square-meter) footprint is one of the largest new leases signed in downtown Boston in recent years. Mayor Michelle Wu in a statement hailed JPMorgan’s move, saying it will “reinforce Boston’s standing as a place where global companies choose to invest and grow.” 

Wu and Massachusetts Governor Maura Healey have pointed to recent corporate moves — including Hasbro Inc.’s relocation to Boston and KKR’s sizable new outpost — as signs of the state’s economic strength. Healey, who is running for reelection in November, has faced criticism from Republicans over the state of the job market. Massachusetts ranked fourth-lowest among US states last year in job growth, according to Bureau of Labor Statistics data.

JPMorgan is still awaiting city approval to place its name atop South Station Tower, a designation reserved for relatively few companies in Boston. The bank will be the largest tenant in the 51-story building developed by Hines, which opened in September above the city’s busiest transit hub. With JPMorgan, more than half of the tower is now leased, including space taken by Citadel and law firm Jones Day.

JPMorgan’s new space is slightly larger than the combined size of the three offices it will leave behind. JPMorgan will maintain a location in South Boston that houses around 800 employees in areas like technology, operations and security services.

“There’s a lot of market share for us still to gain,” said Rick MacDonald, JPMorgan’s New England region manager for commercial banking.

On the retail side, JPMorgan’s Boston operations have grown considerably. The bank opened its first Massachusetts branch in 2018 and expects to reach its 100th location by the end of this year. 

Even so, its roughly $4 billion in Boston-area deposits as of mid-2025 leaves JPMorgan just outside the metro area’s 10 largest deposit holders, far behind Bank of America and trailing several community banks.

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2026-03-17T10:21:41Z