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Chemical Back building new headquarters in Detroit

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Chemical Bank is bringing 500 new jobs to Detroit. The company says it is building its new world headquarters downtown.

President and CEO Thomas Schafer says the size of the institution will help stimulate the area’s economy.

“The scale of our company is big enough we should be the lead bank in the city. And we’re honored that the city has chosen us to be their bank. Most importantly it’s about developing the economy here and moving our headquarters and moving our team here is all about continuing to grow the economy in Detroit and Southeast Michigan.”

Chemical Bank will also become the City of Detroit’s main banking partner. Mayor Mike Duggan says he’s optimistic about the venture.

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“500 jobs in the City of Detroit and for young people growing up to have opportunities in the city. It’s going to mean internships and summer jobs and exposing people to the financial community at a young age.”

Chemical Bank is building a 20-story skyscraper downtown, near Detroit’s sports stadiums.

Chemical Bank is the largest bank headquartered in Michigan. Construction of the new headquarters is scheduled to begin next year.