JPMorgan is heading to Vegas

JPMorgan is doing Vegas.

As part of it continued expansion to America’s regional markets, the largest US bank by assets will open its first commercial banking outpost in Nevada, the company announced Thursday.

It will offer banking services to local businesses with more than $US20 million in annual revenue throughout the state.

The team will be run by Megan Ackaert, who previously worked as vice president of Chase’s commercial banking team in Seattle.

Lisa Lobue has also joined the team as a senior banker. She most recently worked as relationship manager and development officer for Bank of America in Las Vegas and Los Angeles.

The move follows similar openings in middle-market cities across the country, including the addition of a commercial banking office in Atlanta in February.

JPMorgan isn’t the only bank hiring staff for or moving staff to regional centres in the US. The potential rewards are significant: Middle-market companies in the US and Canada paid $US8.2 billion in deal fees in 2015, according to a Bank of America Merrill Lynch presentation.

That’s more than the fees netted in most of Asia, the Middle East, and Latin America combined.

Chase’s expansion in Nevada will also include the opening of a new retail branch in Las Vegas and two new branches in Reno, with more branches to follow in 2018. Chase has had retail branches in Las Vegas since 2008, when it acquired Washington Mutual.

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