Banking jobs in Delaware got a big boost with the announcement from J.P. Morgan Chase that they will add 1,200 jobs to their operations in the first state.
The Delaware Economic Development Office made the announcement saying the company will also make $50 million in capital investments. As a part of the agreement Chase also put in a request to the Delaware Strategic Fund for a little more than $10 million in funds to aid in the expansion. Alan Levin, head of DEDO, said that 600 jobs are to be in place before the money is released. That request will be reviewed on April 23rd.
Delaware’s financial services sector has traditionally been a big part of the Delaware economy. Though it took a big hit when MBNA bank sold its operations to Bank of America, it has slowly been building jobs back.
Most recently, Capital One Bank said it would add jobs in Delaware after taking over ING Bank operations in Wilmington. In February, Citibank added 260 people. Bank of America also announced it would add more than 500 jobs over the next three years.
Governor Jack Markell (D-Delaware) released a statement praising the Chase expansion. “Chase is making clear its commitment to bring more jobs to Delaware,” he said. “This announcement is also a credit to our state’s congressional delegation and General Assembly, as they have continually demonstrated their commitment to the financial services industry, which is so critical to our State.”
There are already 6,000 Chase banking jobs in Wilmington and Newark. In a statement, banking officials thanked state leaders for their help in making the announcement. “JPMorgan Chase has a long and rich history here in Delaware and it is a great place to do business,” said Gordon Smith, CEO of Chase’s Card Services and Auto business. “We appreciate the positive business climate fostered by Governor Markell, his administration and the leadership of the state.”
Delaware’s unemployment rate has been dropping steadily in recent months to near 7%, well below the national average.