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JPMorgan Chase’s Middle Market Banking Business Reaches Key Milestone

June 20, 2017, 08:15 AM
Filed Under: Company Announcements

JPMorgan Chase’s Middle Market Banking & Specialized Industries group, within the firm’s Commercial Banking business, continues to expand its geographic footprint, reaching a key milestone of having a local presence in all top 50 Metropolitan Statistical Areas (MSAs) in the U.S. MMBSI serves businesses with more than $20 million in annual revenue and provides comprehensive financial solutions to local companies and across 16 specialized industries, including technology, life sciences and healthcare.

MMBSI has been growing organically since acquiring Washington Mutual Bank in 2008. Prior to 2008, MMBSI was located in 17 states and in 20 of the top 50 MSAs. Since then, the business has focused on establishing local teams to work with great companies in the most vibrant cities across the country, bringing the geographic footprint to 111 offices located in 36 states and all top 50 MSAs.

In 2017, five new offices were opened in Harrisburg, Las Vegas, Norfolk, Omaha, Providence. In 2016, eight new offices were opened and more than 100 bankers were hired across the business, with recruitment efforts continuing into 2017. The milestone comes at a time when economic and business optimism among middle market executives is high, and as many companies plan to grow and expand their own businesses, according to JPMorgan Chase’s 2017 Business Leaders Outlook report.

“There are great companies all across the U.S. and we want to be there for our clients, providing a local convenient experience as well as seamless connectivity to our firm’s extensive resources and incredible people,” said John Simmons, head of Middle Market Banking & Specialized Industries. “We are committed to these markets, hiring top talent and investing in the communities. This is a 100-year journey and we want to bring more value to our clients for the long-term.” 

Deepening Specialized Expertise to Capture Growth in Innovation Economies

As businesses continue to be disrupted by technological advancements and an increasingly interconnected world, technology, life sciences and for-profit healthcare are three flourishing industries where MMBSI is building strong teams and customized capabilities to serve emerging companies seeking banking and financial services expertise.

  • The Technology group was formed in 2014 and is led by Tim Sandel, managing director based in Palo Alto.
  • The Life Sciences group was formed in 2016 and is led by Peter Meath, managing director based in Raleigh.
  • The For-Profit Healthcare group was formed in 2016 and is led by Dan McNamara, managing director based in Orlando. 

“The U.S. continues to be a leader in the innovation economies, and we’re focused on serving companies in these sectors with in-depth knowledge of the complexities, challenges and opportunities that are unique to their business,” said Scott Geller, head of the Specialized Industries practice for Middle Market. “By speaking the same language as our clients, we can engage in a strategic dialogue to position them for success.”

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