JP Morgan Chase & Co. is set to raise employee headcount at its private banking unit as it seeks to expand its global operations for the ultra-high-net-worth (UHNW) segment, reported Bloomberg News.
JP Morgan private bank Europe, Middle East and Africa CEO Pablo Alvarez-Alonso is planning a double-digit percentage growth in headcount in the next five years.
The New York-headquartered bank last year recruited at least a dozen private banking employees from rival firms, including Citigroup, UBS and Credit Suisse, as part of this goal.
Alvarez-Alonso told the news agency in a recent interview: “We believe that we need to continuously survey the market for talent. We have ongoing ambitious growth plans.”
JP Morgan is pushing to expand its private-banking services outside of the US in a bid to increase its share globally.
The bank is accelerating its efforts in the international markets, including a digital retail bank in Britain and a commercial-banking expansion.
Its agreement to buy UK digital-wealth manager Nutmeg is said to be part of these efforts.
In March, JP Morgan Private Bank hired Shawn Mofidi from Citigroup as a managing director for the Middle East, North Africa and Turkey.
Last month, the firm moved Andres Herrera from the corporate and investment banking division to private banking to oversee its strategic equity business for EMEA.
In the past year, it hired ex-Credit Suisse bankers Oscar Forsberg, Michael Darriba and Konstantin Zakharyan to strengthen its EMEA unit. It also hired former UBS banker Cynthia Eghikian in November.