JP Morgan is to expand its private banking arm
in Switzerland, adding more than 400 jobs in Geneva by the end of
2012.
The bank also plans to double staff in Zurich
to 120 next year, JP Morgan US bank co-head, Martin Schuetz, said
in an interview with a Swiss newspaper.
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The Swiss expansion is part of a strategy to
increase growth by 15-20% per year over the next three years in
Europe, Africa and the Middle East.
Geneva base to
service emerging market wealth
Shuetz said the Geneva unit will be more
intensively used to manage the money of wealthy foreigners to
service markets like Singapore and Hong Kong.
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By GlobalDataSwitzerland remains an attractive option for
JP Morgan as clients capitalise on the country’s strong currency,
minimal inflation and the presence of a prudent central bank,
Shuetz said.
However, he said the recent threats to Swiss banking secrecy
after the global tax crackdown would mean lower margins and more
competition in the industry.
“Private banks and wealth managers based in Switzerland must
tighten their processes in advice and back office and significantly
cut costs,” he said.
