Banking – JPMorgan leads expansion of retail banking in Europe

Nearly three months after the New York-based financial institution launched a digital platform from its Great Britain subsidiary, Chase, the number of employees is expected to rise to more than 1,000 in 2022, according to the head of JPMorgan’s international private client firm, Sanoke. Viswanathan, Reuters news agency. Since entering the UK in September, the workforce has grown by 200 to around 800. “If all goes well, we want to be represented in all major European markets over time,” Viswanathan emphasized.

Europe is but a large-scale beta test of JPMorgan President Jamie Dimon’s considerations of anchoring the massive private client business in the United States around the world through digital offerings. The UK was chosen as a starting point because customers there are seen as being particularly open to online banking. Viswanathan went on to say that the UK must now add consumer credit, savings and investment products to business. This will require new employees.

How many clients does Chase have now in Great Britain, the head of the bank left open. But he said the numbers exceeded internal expectations and would support expansion plans. Viswanathan admitted that the first JPMorgan retail bank outside the US will be in the red for years to come. New products related to loans and investments will help Chase out of the red over time.

(Reuters)