JPMorgan hires for targeting European-wide consumer banking

A sign outside the JP Morgan Chase & Co office.  in New York
A sign outside the JP Morgan Chase & Co office. seen in New York City, USA, March 29, 2021. REUTERS / Brendan McDermid

December 14, 2021

By Iain Withers

LONDON (Reuters) – British retail bank Chase JPMorgan is planning to hire hundreds more next year with a headcount of over 1,000 to help it roll out investment, savings and loan products consumers, the boss of the joint venture told Reuters.

The fledgling bank – the US giant JPMorgan’s first foreign consumer bank – has processed hundreds of millions of pounds in purchases across more than a million transactions, lifted by a rush of savings spending during the period. until Christmas, the bank said.

The venture is a test case for the lender as CEO Jamie Dimon looks at expanding the US retail banking giant’s franchise globally through a digital platform.

Sanoke Viswanathan, JPMorgan’s head of international consumer business, said the venture has hired 200 people since it launched in September to bring its headcount to 800 and plans to hire hundreds more. next year as the product range expands.

JPMorgan plans to replicate the Chase model in other markets across mainland Europe over the next few years, he said.

“We’ve got a plan, and we’re definitely ahead of it,” Viswanathan said. “We want to be in all the major markets in Europe over time, all is well. The idea is to be all-European.”

In the UK, the bank plans to expand into investment and savings services by integrating digital asset management company Nutmeg, which it acquired before stepping up its consumer lending business.

Building out new services should help it turn a profit over time, but Chase expects a loss over the next few years, Viswanathan said.

New hires will be employed across the business, including at headquarters in London and customer support centers in Edinburgh and Manila in the Philippines.

Viswanathan declined to disclose the number of Chase customers but said registrations had exceeded internal expectations and reaffirmed its expansion plans.

Mr Viswanathan added that JPMorgan is ready to set up a hedged retail bank in the UK if required rather than slowing its growth. Banks must now run any retail bank with deposits of £25 billion or more on an independent basis, although the rule is under review.

“We will deal with the consequences if we have to,” Viswanathan said. “The Bank of England was not created to help fund investment banking. This is a real foray into retail banking in the long term. ”

(Reporting by Iain Withers; editing by Rachel Armstrong and Jason Neely) JPMorgan hires for targeting European-wide consumer banking

Bobby Allyn

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