Banking giant JPMorgan Chase is planning to set up a fintech campus in Palo Alto, California as part of its strategy to attract top engineering talent.

Construction work on the new campus is slated to start early next year with a scheduled opening in 2020. The new facility will house more than 1,000 employees.

The new campus, which will feature modern workplace design, will enable the bank’s staff across various business lines to host events and cooperate on new products and services.

JPMorgan head of digital, consumer and community banking Bill Wallace was quoted Bloomberg as saying: “The addition of a first-class location is a key step for growing our presence in the Bay Area.

“This is an important market for us, and we’re looking forward to expanding our footprint and attracting more of the area’s top talent.”

JPMorgan has been gradually moving into fintech. In 2017, the company purchased the startup WePay that will enable the American bank to help its four million small-business customers accept payments faster.

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JPMorgan already has an office on Mission Street in San Francisco.

In September this year, JPMorgan Chase announced a major expansion in the Philadelphia and the Delaware Valley region.

Under the expansion, which forms part of its $20bn five-year investment plan, the bank will open 50 new branches and recruit 300 staff.