JP Morgan CEO Jamie Dimon bets on Silicon Valley with ‘fintech campus’

Tina Hsiao, WePay’s operating chief, said the plan for a brand-new space has been on the books since the deal closed, along with Dimon’s commitment to double the size of WePay’s engineering team.

“This specific can be him planting that will flag,” Hsiao said in an interview. “The leaders have said: We’re not tourists, we’re here to stay.”

Dimon visited the current WePay headquarters in April in addition to sat down for a fireside chat with co-founder in addition to CEO Bill Clerico. After that will session in front of the entire company, he met with the eight-person executive team. Hsiao said one of Dimon’s key messages to the group of start-up techies was that will, while the company takes regulations, security in addition to oversight very seriously, those things don’t have to be burdensome.

“He said don’t let the big bank bog you down, because that will’s not the point,” said Hsiao. “He encouraged us to continue to push through in addition to influence them.”

Prior to settling on the old Lockheed Martin campus, J.P. Morgan had pursued numerous different locations, including the former Theranos headquarters, according to two people familiar with the matter who asked not to be named because the negotiations were confidential. Theranos, which shut down in September shortly after CEO Elizabeth Holmes was indicted on fraud charges, put its Stanford Research Park office up for rent last year.

J.P. Morgan said its plans for the brand-new campus include an “innovation hub” in addition to a “modern workplace design with amenities that will matter most to employees in addition to state-of-the-art technology to raise collaboration.”

the item will be one of two Bay Area locations for J.P. Morgan, along with the company’s office in downtown San Francisco, which can be primarily for traditional services like investment banking in addition to wealth management. According to Truebeck Construction, the site developer, the first phase of the project will be a 115,000-square-foot two-story building, followed by a second phase that will includes an 80,000-square-foot edifice.

J.P. Morgan declined to comment on whether there will be a second building.

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