Why JPMorgan is investing big in the 2028 LA Olympics

LOS ANGELES — For years, JPMorgan executives have been talking with Olympics organizers about sponsoring the games. Before the next event, taking place in Los Angeles in 2028, the firm officially opted in — making a massive, nine-figure bet as the Games' first-ever global banking partner.

While terms of the agreement were not disclosed, these types of partnerships are estimated to go for upwards of $200 million per four-year cycle. In an interview with CNBC, John Slusher, a former Nike executive and CEO of the U.S. Olympic and Paralympic Properties, called JPMorgan "as big a partner as we get."

JPMorgan is also a vote of confidence for the organization's highest level of sponsorship, called The Olympic Partners, which comes with exclusive marketing rights. The program, which was created in 1985, saw several major companies — including Panasonic , Toyota and Bridgestone — depart at the end of 2024.

Slusher has been revamping the business model to attract big-ticket sponsors. He said organizers created a joint venture across the various properties to put all rights in one place for commercialization, so a company can pursue one deal across the LA Olympics, Team USA and the Paralympics, if it chooses.

He also said they're trying out new marketing opportunities that extend beyond the games, including a torch relay that will extend for 100 days in all 50 U.S. states, as well as naming rights in a lot of the venues.

"We try to balance not overly commercializing the Olympics, which is really important, but also driving revenue, which helps us put on a better games," Slusher said.

JPMorgan's partnership includes the LA 2028 Olympic and Paralympic games, as well as the games in the French Alps in 2030.

The company also announced last week that it plans to hire more than 100 additional business bankers across Southern California — a 30% increase — pegged to its presence at the LA Games. The firm already has 5 million consumer-banking customers and 589,000 small-business clients in Los Angeles, it said.