According to CNBC, JPMorgan Chase has become the first-ever global banking partner of the Los Angeles 2028 Olympic and Paralympic Games, in a deal described as a nine-figure bet. Terms were not disclosed, but such partnerships are estimated to cost more than $200 million per four-year cycle, and the agreement also covers the French Alps 2030 Games.

The bank said last week it plans to hire more than 100 additional business bankers across Southern California, a 30% increase, tied to its LA Games presence. JPMorgan said it already has 5 million consumer-banking customers and 589,000 small-business clients in Los Angeles. John Slusher, CEO of U.S. Olympic and Paralympic Properties, said JPMorgan is “as big a partner as we get,” while JPMorgan Chief Marketing Officer Carla Hassan said the deal will be measured by brand strength, client engagement, customer acquisition and employee pride.