JPMorgan adding Worcester focus to growing New England portfolio
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Downtown Worcester
The investment banking giant JPMorgan Chase has opened New England offices in the past five years in Hartford, Providence, Manchester, N.H., and Portland, Maine. It doesn't have a physical Worcester office yet, but the firm has a local team working from home and focused on the region.
"In the past year we've made a push to make our presence and our efforts known in the Worcester region," said Deborah Barry, JPMorgan's market executive for Massachusetts.
The firm has been covering commercial banking in and around Worcester from its Boston office but is now looking to serve the area more directly, Barry said. There's no timeline yet for a physical office in Worcester, but three employees are in the area working remotely to lend to Greater Worcester institutions; and the firm has joined the Worcester Regional Chamber of Commerce, she said.
JPMorgan has focused locally in large part on life sciences, professional services and manufacturing, and typically on mid-market companies. The firm's commercial investing arm also works with its private banking division to, for example, work with a startup company and its owner preparing for an initial public offering, and with its nonprofit division that works with institutions including colleges and hospitals.
"The generational businesses are who we want to partner with and have a long-lasting relationship with," Barry said.
JPMorgan released a survey in July finding optimism in business leadership despite the coronavirus pandemic and the recession.
In the survey, 53% of business leaders said they expect their companies to return to normal in the next 12 months, despite 83% currently running at reduced capacity. Only 2% said they were concerned their business may not survive. Business leaders said their top challenges are uncertain economic conditions, revenue and sales growth, and shifting consumer habits due to the pandemic.
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