Chase’s new Minnesota HQ in North Loop includes private bank for wealthy clients

A main hallway lined with local art. Shelves filled with CEO Jamie Dimon’s books. Nordic-style woodwork.

These are a few aesthetic features of JPMorgan Chase’s newest private bank: An exclusive space catering to high-net-worth Twin Cities business owners and corporate executives. It also serves as the flashy front end of the New York-based bank’s new Minnesota headquarters.

JPMorgan Chase, the nation’s largest bank, officially planted its flag a few weeks ago in the Steelman Exchange Building in Minneapolis’ North Loop. With the move, the bank is highlighting growth in its wealth management and commercial banking services as local leaders see opportunity to serve more clients with complex financial needs.

“One thing that this signifies is our investment in Minnesota and this general region,” Kelly Swenson, named Thursday as the bank’s regional commercial banking manager for the Upper Midwest, said of the upgraded space. “There’s a lot of banks in this market, of course, but we think we have the best hand to play.”

Major investment in technology has helped the bank’s business clients gain efficiency, make acquisitions or grow organically, Swenson said. Chase is also promoting its ability to facilitate business ownership transitions, a step the lender expects 2 million companies to take in some fashion over the next decade.

Working in tandem is the wealth management team overseen by Pilar Oppedisano, J.P. Morgan Private Bank’s Minnesota market manager. She said the business model is resonating with clients, who want to be served holistically in a complicated world.

“We’re here to solve problems and make it easier,” she said.

Before taking over 30,000 square feet on the Steelman’s ninth floor, Chase’s local corporate center was at Capella Tower downtown. Swenson and Oppedisano said internal collaboration was strained as the Minnesota headcount tripled over five years. And local executives frequently found themselves meeting clients outside the office.

The state-of-the-art “client center” — as Chase calls its exclusive private banks — is expected to change that. Designed to project a “Nordic clubhouse” feel, the new office emphasizes Minnesota’s history and culture, offering bits of historic connection to the New York bank. Intentionally included are Cambria quartz countertops and Halcon furniture in its boardrooms. Seats in the fireplace lounge offer a view of downtown Minneapolis.

The new corporate office and private bank comes as Chase has significantly increased its presence in the Twin Cities over the past six years.

Chase opened its first commercial banking office in Minneapolis in 2004. But its first-ever branch only opened at the University of Minnesota in 2019.

Since then, the bank has put 38 more branches across the Twin Cities. Last year, Chase announced a new target to reach 60 branches before the end of 2027, a move that would rival Huntington Bank’s spot as having the third-most local branches in the state.

U.S. Bancorp and Wells Fargo have long had the most local branches and largest share of total deposits. Each has around 80 branches.

Chase’s national retail banking strategy made the bank the first to boast a location in all 48 continental U.S. states. The brick-and-mortar blitz bucks a wider industry trend of lighter physical footprints as consumers rely more on technology to satisfy banking needs.

Swenson said the increased number of branches in Minnesota has helped the business gain local profile — even as leaders remind people they’ve been around for 20 years.

“People used to say, ‘Oh, really, where’s your office?’” she said. “Now they know we’re here.”