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JPMorgan on hiring wave as it targets pan-European consumer bank

A sign outside the offices of JP Morgan Chase & Co. is visible in New York, United States on March 29, 2021. REUTERS / Brendan McDermid

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LONDON, Dec. 14 (Reuters) – Chase, JPMorgan’s UK retail bank (JPM.N), plans to hire hundreds more next year to boost its workforce above 1,000 in order to help roll out investment, savings and consumer credit products, the company’s boss told Reuters.

The fledgling bank – the first overseas consumer bank for US giant JPMorgan – has already processed hundreds of millions of pounds of purchases across more than a million transactions, fueled by spending insanity as it approaches. Christmas, the bank said.

The business is a test for the lender as CEO Jamie Dimon plans to expand his massive U.S. retail banking franchise globally through a digital platform.

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Sanoke Viswanathan, head of international consumer activities at JPMorgan, said the company has hired 200 people since launching in September to increase its workforce to 800, and plans to hire hundreds more next year as ‘it was expanding its range of products.

JPMorgan plans to replicate the Chase model in other continental European markets over the next several years, he said.

“We had a plan and we are definitely ahead,” Viswanathan said. “We want to be present in all major European markets over time, everything is fine. The idea is to be pan-European.”

In Great Britain, the bank plans to expand in investment and savings services by integrating its acquired digital wealth manager Nutmeg, before embarking on consumer loans.

Creating new services will help him turn a profit over time, but Chase is expected to experience losses for several years in the meantime, Viswanathan said.

The new hires will span the entire company, including its headquarters in London and customer support centers in Edinburgh and Manila in the Philippines.

Viswanathan declined to release Chase’s customer numbers, but said registrations exceeded internal expectations and reaffirmed plans for expansion.

JPMorgan was ready to launch a UK retail bank if needed rather than slowing its growth, Viswanathan added. Banks are currently required to manage any retail bank with £ 25 billion or more in deposits on a stand-alone basis, although this rule is under review.

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

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Reporting by Iain Withers; edited by Rachel Armstrong and Jason Neely

Our standards: Thomson Reuters Trust Principles.

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Rodney N.

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