JPMorganChase has announced two major investments to strengthen Bournemouth’s workforce and community.

The banking and financial services firm will invest up to £350m to modernise and expand its Bournemouth campus, where it employs 5,300 local staff.

Plus, it will provide £3.5m over five years to support local non-profit organisations dedicated to helping young people in the South-west develop skills and access career opportunities.

The extensive modernisation and expansion project will be a significant financial investment in the current site, which JPMorganChase moved to nearly 40 years ago.

It will add a new building and transform both existing and new spaces into a world-class centre for financial innovation, payments technology and artificial intelligence.

Plans will be submitted to local authorities in the coming weeks and will be subject to approval.

Jamie Dimon, chairman and chief executive officer of JPMorganChase, said: “Bournemouth has long demonstrated that there is strong financial services and technology talent outside of London and we’re proud to be the largest private employer there.

“We operate, we believe in making a positive impact, and this long-term investment in a world-class workplace and in local skills development is something the community will truly benefit from.”

As JPMorganChase approaches 40 years in Bournemouth, the firm has grown from 650 employees in 1986 to 5,300 today. The Bournemouth campus, the firm’s second largest location in Europe, the Middle East and Africa (EMEA), is now a vital hub for global operations, employing staff in operations, technology and client services that support clients in 100 global markets.

As Dorset’s largest private sector employer, the site processes around 350,000 transactions daily, totalling over $1 trillion each day.

Tom Hayes, MP for Bournemouth East, said: “I’m delighted that JPMorganChase’s latest investment will help more young people build their future here in Bournemouth, rather than feel they have to leave to get ahead. Their continued commitment to the area is a huge boost to our local economy and clearly signals that Bournemouth is a great place to build a future.”

In addition to its campus renovation, JPMorganChase will provide £3.5m over five years to support career opportunities for young people in the South-west. This is part of the firm’s broader £40m commitment to promote sustainable economic growth across the UK.

As part of that, JPMorganChase is announcing £980,000 in philanthropic support to Business in the Community (BITC). Working with local employers and stakeholders, this funding will help drive business-led initiatives to improve social mobility, such as skills-based hiring and expanding access to pre-apprenticeship and apprenticeship programmes. In the long term these efforts should attract further investment in the area.