JPMorgan Chase & Co. ( JPM ) shares are trading higher today. On Friday, the bank disclosed renovation and expansion plans for its Brickell office in Downtown Miami, along with the opening of a new office in West Palm Beach.

In particular, JPMorgan Chase ( JPM ) plans to expand its downtown Miami office from 80,000 to 160,000 square feet, accommodating 400 more employees.

Additionally, the firm will open a new 13,000 square foot office at 360 Rosemary in West Palm Beach, consolidating over 60 employees from various lines of business and functions.

The firm’s expansion of its footprint in South Florida is projected to stimulate an average of $151 million in additional economic activity for the region and generate about 380 local construction jobs annually during the building phase.

Jonathan Bello, head of Chase for Business Miami and co-chair of the firm’s South Florida Market Leadership Team stated, “Miami and South Florida are home to an increasing number of our clients, customers, community partners and employees, and a strategic location for our operations in Latin America as well.” 

“Like our investment with Inter-Miami CF to create Chase Stadium, these expansions reflect the opportunity that this area represents as well as our commitment to be the bank for all in South Florida.”

Also Read: JPMorgan’s $500M Venture Capital Fund Bets Big On Weight-Loss Drugs: ‘They’re All The Rage’

Investors can gain exposure to the stock via iShares U.S. Financial Services ETF ( IYG ) and SPDR Select Sector Fund – Financial .

Price Action: JPM shares are up 1.08% to $198.41 at the last check Monday.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.