Miami has positioned itself as one of the fastest-growing cities and a top-choice for investment projects in the United States. In the latest years, big companies from all over the world had bet on this city for its potential in terms of growth and revenues for them.
This is the case of JPMorgan Chase, a top multinational investment bank and financial services holding company headquartered in New York City, which, just a few years back, made the bold choice to transfer some of its operations team to South Florida, contributing to the growth in the area and in the State of Florida, while getting attractive benefits of its own.
In a recent statement, the company has declared: “In 2019 alone, JPMorgan Chase has invested more than $8 million in South Florida nonprofit organizations to help the region tackle emerging global challenges and trends such as urbanization, globalization and climate change. And, to ensure that Miami has the workforce of tomorrow to help build the city of tomorrow, we are investing in local initiatives to train Miami’s workforce to take advantage of growing economic opportunities in the region. Miami, we think you’ve got a great future — and we want to be part of it.”
This pronouncement of the investment bank is proof of the commitment JPMorgan Chase has acquired to the city of Miami and the South Florida region, considering them as a very valuable location to keep making great business and expanding the firm as one of the most valuable companies America has.
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Only so far, JPMorgan Chase has relocated a part of its team in South Florida for over a decade, with more than 2,400 local employees working across all of their businesses, including 190 local branches and 700 ATMs, changing the mind of the company’s CEO, Jamie Dimon, who once was not open to the idea of relocating to this region.
However, over the years and becoming acquainted with the promising atmosphere in Florida, Dimon slowly changed his mind. Firstly, around 2013 Dimon praised the business-friendly climate and low taxes of Florida, contrasting it to the situation in New York where taxes are very high, especially for businesses. Contrarily, Florida counts with notable tax benefits for companies, which are of great help and even more now in the current times, where saving money and investing it properly is a must for the lastingness of all businesses.
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Now, The New York Post has reported that Dimon has changed his mind and is now open to move to Florida: “Miami is one of the most attractive cities in the world in which to do business”, he even said once.
Even though JPMorgan Chase was a pioneer by betting on Miami a few years ago, seeing it as a sprouting terrain for big-name companies to make business; this trend that began a few decades ago has accelerated on this year by the COVID-19 pandemic, which has put small and large companies in a predicament due to the spiraling costs of taxes and other expenses such as office leases, whose value is more expensive than in other country locations, while in Miami and South Florida companies can find and advantageous location for their own benefit.