JP Morgan has a huge presence in texas in terms of branches

Reader comment on: JP Morgan Chase Jobs To Texas

Submitted by lyle (United States), Nov 9, 2019 13:44

During the great texas bank consolidation, in the 1980s-1990s it resulted that JP Morgan aquired a large number of branches thru aquiring bank holding companies. So it has 545 branches in Tx, is number 1 in Houston, having absorbed Texas Commerce Bank,which was #1 before.It is also #1 in assets with 146 Billion in assets in Tx, number 2 in assets in Dallas Fort Worth etc. Add in the Washington Mutual branches that became J.P Morgan in Tx. Fundamentally J.P. Morgan has to follow its big competitors with Wells Fargo, and Bank of America being headquartered and having major offices other than in New York. JP morgan is now in 17 states. Likely they will just leave the Headquarters and investment banking in NYC and move all back office jobs to cheaper locals, (also lower Manhattan is not a good place to put IT infrastructure, NE pa is better) Of course NYC has a major geography problem in that it is bounded by water so it is hard to grow. If I were in Charge I might move the HQ to Kansas City Ks. (It is centrally located, and there are a bunch of underground old mines that can be used for data centers and avoid natural disasters.

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