Why JP Morgan Chase is 'playing the long game' in Cherry Hill
JPMorgan Chase & Co. wants to set an example for companies across the U.S. that Baltimore is a city on the rise.
I met with Peter Scher, one of the top executives at New York-based JPMorgan Chase, at the site of the banking giant's planned branch in Cherry Hill before heading to a branch opening in Harbor East. The predominantly black Cherry Hill neighborhood in South Baltimore has never had a bank before and has suffered from high crime. However, last year the neighborhood did not have any murders even as the city experienced its highest homicide rate ever.
The Chase branch will open this summer in Cherry Hill Town Center, which is undergoing a $4.5 million redevelopment by Catholic Charities of Baltimore. Scher told me the bank sees "enormous opportunity" across Baltimore, including in Cherry Hill.
During our conversation, Scher discussed why he thinks the city is at an "inflection point" and how Chase is "playing the long game" in Cherry Hill.
Source: The Baltimore Business Journal