Vanguard announced on Thursday the location of the new Innovation Center. The two-floor, 16,000 square foot space at 2300 Chestnut Street in Philadelphia will start with 20 crew members working on projects to drive innovation at the firm, but may add as many as 100 over time. The space is expected to open in the second quarter of 2017.
"We are pleased to set up shop in Philadelphia, and give the Vanguard Innovation Center the benefits and resources of the region's thriving entrepreneurial scene," Vanguard CEO Bill McNabb said in a statement announcing the location of the center. "Our new location solidifies our commitment to the city, and we're grateful to the local support we have received as we establish this new venture."
Some of that local support includes Mayor Jim Kenney's office. Vanguard noted it has begun collaborating with Drexel University, the University of Pennsylvania and other corporate innovation centers, consultants and experts on the project.
Bank of America is testing completely automated branches as part of an effort to cut costs and improve efficiencies, the Charlotte Observer reported on Tuesday. Dean Athanasia, co-head of consumer banking, announced the new branches at a financial services forum in Florida, the paper reported.
