JPMorgan 2028 LA Olympics deal targets global reach and local business
JPMorganChase’s LA28 deal pairs Olympic banking rights with a Southern California hiring push and planned athlete and business programs.
By Daniel Okafor · Business Editor
3 min read
JPMorganChase has made the JPMorgan 2028 LA Olympics partnership a test of both its global brand and its Southern California business strategy. The bank is the Official Bank of Team USA and the LA28 Olympic and Paralympic Games, an LA28 Founding Partner, and the first Global Banking Partner in Olympic history, according to the U.S. Olympic & Paralympic Committee and the International Olympic Committee.
The agreement gives JPMorganChase roles that extend beyond Los Angeles. Its Worldwide Olympic Partnership covers the LA28 Games and the French Alps 2030 Olympic and Paralympic Winter Games, the IOC said. The bank holds worldwide rights in asset and wealth management, private banking, and commercial and investment banking; in the United States, it is LA28’s founding partner in retail banking.
Why is JPMorgan investing in the 2028 LA Olympics?
JPMorganChase sees the arrangement as a way to build its brand, engage existing clients and customers, win new customers and strengthen employee pride, chief marketing officer Carla Hassan told CNBC. Those are the measures the company plans to use to judge its return on the sponsorship, which Hassan described as a firm-wide effort.
The worldwide partnership also gives the bank an Olympic platform in markets where it operates. JPMorganChase has operations in more than 60 countries and clients in more than 100 markets, according to the IOC. The deal’s named Games run through the 2030 French Alps Winter Olympics, although the announcements do not disclose the full contract term.
A Los Angeles customer and small-business push
Los Angeles is also central to the bank’s plans. JPMorganChase says it serves more than 5 million consumer customers and 589,000 small-business clients in greater Los Angeles, with more than 330 branches and 6,000 employees.
CNBC reported that the company plans to add more than 100 business bankers across Southern California, a 30% increase that it linked to its LA Games presence. Hassan told CNBC the bank wants businesses in its network to be able to take part in Olympics-related commercial activity.
The company and Olympic bodies have also outlined planned programs rather than completed results. They include financial-health workshops for athletes, including through the IOC’s Athlete365 platform, and support for local businesses and communities. JPMorganChase also plans a technology and innovation partnership with NBCUniversal to support its multi-platform coverage of LA28, the USOPC said.
What is known about the cost?
Neither JPMorganChase nor Olympic organizers disclosed the price, performance targets or return-on-investment forecast. CNBC reported that comparable top-tier Olympic partnerships have been estimated at more than $200 million for a four-year cycle, but that figure is not a disclosed price for JPMorganChase’s deal.
For the IOC, the agreement adds a bank to its top global sponsorship program. The IOC says revenue generated through the JPMorganChase partnership will be redistributed to sports organizations worldwide, including national Olympic committees and their athletes, plus organizing committees for Olympic and Youth Olympic Games.
This story draws on original reporting from CNBC.