As New York City-based banking giant JPMorgan Chase & Co. prepares to open its first retail banking branches in Rhode Island, beginning with Providence, Patty Gilman is the company’s market director here, in charge of managing what eventually will be 12 branches. Gilman will report to Roxann Cooke, JPMorgan Chase’s consumer bank and wealth-management regional director for the company’s operations in New England.
JPMorgan Chase, meanwhile, plans to open its first local branch in August at 134 Thayer St. in Providence’s College Hill neighborhood near Brown University. That would be followed by the opening of a second branch in October at 146 Westminster St. in downtown Providence’s financial district. By the end of 2020, the company plans to open an additional six branches in the Greater Providence area. In addition to its new retail banking presence, JPMorgan Chase plans to expand its existing private banking and commercial banking operations here.
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PBN: As market director for Rhode Island, what are your duties?
GILMAN: I’m new to Providence, but not new to the Chase market director of banking role. Prior to moving to Rhode Island, I was a market director for Chase in Greater Chicago. While on the surface my job tasks are similar to hiring, to managing customer experience, and training, in Rhode Island I get to build something new. That’s what makes this role so exciting.
Chase has had a commercial banking office here for a few years, but our retail footprint is new and that’s what I’m here to help build. We are actively hiring for all in-branch roles from associate to branch manager, and I’m working with the team to make this expansion the best experience possible for our clients and employees.
I’m very passionate about teaching our employees to help our clients make the most of their money, so they can make the most of their lives.
PBN: What sort of challenges do you face in opening branches in a new market?
GILMAN: Every market has its unique set of challenges, but with the right set of people it’s possible to overcome and squash them. I’ve hired a very solid local team that I’m proud of, and my goal is to push them to earn the trust of our new neighbors and continue to build relationships.
When Chase comes to market, we bring the full force of the firm. The branches might not be open yet, but my team is already present and working with a variety of nonprofit partners in the area, including HousingWorks Rhode Island.
PBN: Why were the Thayer Street and Westminster Street locations chosen for the first Rhode Island branches?
GILMAN: When it comes to real estate, there are several factors that come into play, but the main goal is to find a location that will best serve our clients. It’s about accessibility. Is there parking? Can people walk? Or it is close to public transit? Thayer Street is near Brown University and having a location for our customers that are students or parents of students was really important.
Our new branches will also include modern design elements and feature open, collaborative spaces with ample room for meetings and “Chase chats,” a new series of small-group sessions focused on financial health. Finding real estate that can meet that need was key as well.
PBN: What are the bank’s current plans for Rhode Island beyond the opening of the first two retail branches in Providence this year?
GILMAN: In the next four years, we’ll have at least 12 Chase branches in Providence and the surrounding suburbs. However, retail is not the only line of business that is growing in the Providence area. We’ve added commercial bankers to better service Rhode Island, and we’re also expanding our private- and business-banking opportunities.
PBN: In staffing the Rhode Island branches now and in the future, how much is Chase planning to bring in its own people versus hiring away from other banks in the region?
GILMAN: My job is to help us find the best talent, whether that be internal or external. As a firm, hiring employees that are based in the local neighborhoods is really important. We hire people who are focused on building long-lasting relationships with clients.
When it comes to who is the best fit, it depends on the role. Someone fresh out of college could be perfect for an associate or junior position, while an employee at the management level will be a bit more seasoned and have more experience. I focus on hiring people who care about helping the people of Rhode Island with all their banking and financial needs.
Scott Blake is a PBN staff writer. Email him at Blake@PBN.com.
