Insurance & Financial Services “As a global firm, we offer people an opportunity to build a substantial career with us, one that is full of possibilities,” Zbranak says. As part of its effort to develop a recruiting pipeline in Delaware, JPMorgan Chase has also established a collaboration with the University of Delaware. The collaboration, which began during the 2008-2009 academic year, included a $16.6 million contribution to the university, $14.1 million to create a Ph.D. program in financial services analytics and $2.5 million to help finance an expansion of Purnell Hall, according to Andrea Boyle Tippett, UD director of external relations. The Purnell Hall addition, to be completed this summer, will be the home of not only the new Ph.D. program but also the expanded JPMorgan Chase Innovation Center, where UD faculty and students collaborate with JPMorgan Chase employees on internships, projects and applied research. “Our longstanding collaboration with JPMorgan Chase has provided the University of Delaware and the Lerner College of Business and Economics with enormous benefits,” says Bruce Weber, the Lerner dean. Those benefits, he notes, include guest lectures, year-round internships and jobs for UD graduates. Several hundred UD students have participated in JPMorgan Chase internships since the partnership began, according to executive director Jennifer McDermott. Over 100 UD students have had internships at the Innovation Center, where they work part-time during the school year and fulltime during the summer. The company tries to convert the majority of these interns into fulltime employees after graduation, she says.
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“It’s really experiential learning,” McDermott says. “It’s a win-win – the students apply what they’re learning in school to real-world experiences via an internship and we’re building a strong local talent pipeline from an excellent university.” Another opportunity for students is an interdisciplinary minor in global enterprise technology, which helps prepare students for careers in largescale, technology-leveraged global operating environments. The nine- to 12-credit program, open to students from all majors, involves hands-on work experience through a paid internship, either on campus or at remote locations, working in a technology position for JPMorgan Chase or a similar business. One important aspect of the expansion of JPMorgan Chase in Delaware has been its impact on the construction industry. In addition to the projects at the AstraZeneca site and at the University of Delaware, significant renovations were required to create highperformance work environments at both the Christiana Corporate Center and the Iron Hill site, and a new parking deck was added at the Christiana facility as well. The AstraZeneca construction effort is currently “one of the top three projects in the entire state,” says Joe Schorah, business agent for Local 19 of the Sheet Metal Workers International Association. “Look at the financial impact – we’ve got 300 people [from all trades] making good-size wages at the site. It’s a great thing for Delaware.” As of early June, Schorah said, about 50 sheet metal workers were on the job at AstraZeneca, covering two 10-hour shifts a day for six days a week. “With huge gaps in the state budget, Delaware needs jobs like that,” he says. “I couldn’t be happier to have a company like JPMorgan Chase here.” Wallace notes that the arrival of 2,000 or so employees at the AstraZeneca location will also give a boost to restaurants and shops along Concord Pike, many of which experienced downturns in business after the pharmaceutical business began a series of layoffs three years ago. On top of the company’s multiple Delaware operations supporting its worldwide business, JPMorgan Chase opened its first commercial banking office in the state in May. Its middle market banking office, located in the company’s main downtown Wilmington building, is targeting privately held or generational family businesses with annual sales ranging from $10 million to $500 million. “Our local delivery model, coupled with the firm’s global resources, allows us to provide clients with customized, comprehensive solutions and exceptional service,” said Mark Schrieber, executive director of Chase middle market banking in Pennsylvania, Delaware and southern New Jersey. “More than half of U.s. publicly traded companies and 64 percent of the Fortune 500 make Delaware their home, and opening a middle market commercial banking office in Delaware was the next step in our firm’s commitment to operations in the state.” Keith Kepplinger, formerly with M&T Bank, has been named commercial banker for the new office, which will offer credit, cash management, capital markets and corporate finance advisory solutions to its new clients. “Our firm and its predecessors have had a long, successful history here in Delaware,” Wallace says, “And we couldn’t be more excited about our future here.” n July / Aug us t 2 0 1 5 | DELAWARE BUSINESS
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