JPMorganChase announced that its total investments in Detroit have exceeded $2 billion since 2014, marking a significant milestone in the firm's long history with the city. The announcement coincided with plans to open a new downtown office and conference center at Hudson’s Detroit, which is scheduled for completion in 2026.
“Today, JPMorganChase celebrates more than a decade of impact in Detroit, surpassing $2 billion in investments that will help fuel the city’s future,” said JPMorganChase Chairman and CEO Jamie Dimon. “From revitalized neighborhoods to thriving small businesses, Detroit’s transformation is a story of resilience. It is also a story of what’s possible when the business, government and community come together to test new ideas that create growth. Detroit has become a model for how JPMorganChase invests in communities around the world. We are proud to have played a role in the city’s revitalization, and we look forward to continuing our commitment with our new downtown office.”
Detroit Mayor Mike Duggan highlighted the partnership between business and local government. “One of the first phone calls I received as Mayor of Detroit was from Jamie Dimon. To think that initial call helped spur $2 billion supporting our people and companies is pretty incredible,” he said.“Working together, we’ve shown that businesses and government can drive real change. Detroit’s future is bright, and the transformational investments made by JPMorganChase have played a huge role in the city's turnaround.”
Mayor-Elect Mary Sheffield also commented on the continued investment: “Over ten years ago, JPMorgan Chase believed in Detroit’s potential and invested in our future,” she said. “Today, as that investment deepens, it reaffirms what we already know; that the Motor City is on the move. I look forward to building on this momentum and ensuring companies across the country see Detroit as the best place to grow and thrive.”
The new office at Hudson's Detroit will include modern workspaces with advanced technologies, flexible meeting spaces, communal areas, and a conference center for both client events and community gatherings such as financial education workshops and career development programs.
Bedrock Senior Vice President of Leasing Naumann Idrees welcomed JPMorganChase as one of Hudson's newest tenants: “Hudson’s not only embodies the history of Detroit, it’s a symbol of the community and the momentum underway across the region. The iconic workplace and exceptional amenities bring a new experience to the market, including onsite meeting and event space, a lounge and fitness center and its prime location on Woodward Avenue, attracting a strong mix of local, national and global companies.”
Since 2014, JPMorganChase has allocated more than $2 billion through credit lines, loans, philanthropic capital, real estate purchases, employee engagement initiatives like its Service Corps program sending staff from around the world to support local nonprofits, small business lending programs totaling $568 million alongside grants for nonprofit partners supporting entrepreneurship ($37 million), housing investments exceeding $1.1 billion for home loans plus over $158 million for affordable housing units creation.
Additional funding has gone toward critical Community Development Financial Institutions (CDFIs) supporting neighborhood development projects; tax credits facilitated projects such as school rehabilitation (Detroit Prep), early childhood education centers (McClellan Center), transportation infrastructure (QLINE light rail), recycling facilities expansion (Goodwill Green Works), residential conversions (Cadillac Motor Car Company Assembly Plant), market modernization (Eastern Market), job support via tax credits/infrastructure spending ($162 million), commercial corridor improvements/stabilization efforts ($48 million), workforce training partnerships ($32.3 million) with nonprofits aligning training with industry needs resulting in thousands placed into jobs or apprenticeships.
The company also opened its Corktown Community Center branch—a hub for financial health initiatives—and held over 150 financial health events reaching about 3,000 attendees while providing nearly $16 million in related grants.
In recent years JPMorganChase has reported an increase of over 50% in small businesses served locally since 2018; deposits rose by more than 45% between 2014-2024 while revenue value grew by 15% between 2022-2024 within Wayne County.