JPMorgan Chase is bolstering the unit of the bank that serves startup clients as it looks to fill a void left by several regional lenders that collapsed this spring.
The New York City-based bank this year added close to 200 bankers to its innovation economy division, an area of the firm that caters to technology startups and venture capital backed-businesses, the bank said. The hiring spree comes as JPMorgan claims the unit’s U.S. client portfolio nearly doubled in 2023.
But as the firm invests in the division’s growth, Ashraf Hebela, head of startup banking at JPMorgan’s commercial banking division, emphasized that the bank has always had a mission to serve startups, even before this year’s banking turmoil.
