The global banking leader is determined to expand its outsourcing and financial services footprint, signaling strong confidence in the Philippine office sector.
This move defies concerns over a potential US outsourcing pushback under a second Trump presidency.
Uptown BGC expansion
JPMorgan currently uses an entire 70,000-square meter (sqm) office tower in Uptown, which is currently known as JPMorgan Chase Tower.
Developed by property giant Megaworld, JPMorgan Chase Tower is one of the most modern buildings in the area, boasting a LEED v4 Gold certification.
Because of its significant workforce ramp-up, InsiderPH learned the company leased out another office building in Uptown, the International Finance Center, which also has a footprint of 70,000 sqm.
JPMorgan is also moving to finalize other lease deals within the area.
Naming rights
Tenants with sole occupancy of a building are typically granted naming rights. JPMorgan has exercised this by renaming the International Finance Center to JPMorgan Chase Center.
The newly installed logo on the building is now prominently visible.
Thinking years ahead
JPMorgan’s two office towers in the Philippines will have direct access to the upcoming Metro Manila Subway station in the Uptown area.
A large section of the ground floor will feature a Starbucks, located right next to the Tesla showroom.
Expansion planned even before Jamie Dimon’s 2024 visit
According to an industry source, the banking group was planning expansion moves even before JPMorgan chair and CEO Jamie Dimon visited Manila in September last year.
JPMorgan, which established its Philippine office in 1961, provides a full range of banking services, including corporate and investment bank, stock brokerage and treasury services.
It recently unveiled plans to require employees worldwide to return to the office for five days a week, rolling back the hybrid setup during the global health crisis.
“Manila is the site of our rapidly expanding global service center that supports our various lines of businesses,” the P40-trillion financial services group stated on its website.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.