JPMorgan Chase & Co. is planning to increase the employee headcount in Germany by nearly 25% this year, reported Bloomberg News.    

The firm is planning to scale up its team in Frankfurt to about 700 by the end of this year, after expanding its team in the city to over 600 people last year.

It is currently hiring employees across its asset management, private banking, commercial banking and investment banking segments, JPMorgan senior country officer Stefan Povaly told the news agency.

Povaly said: “Some of the growth over the past year and this year is due to relocations within the bank, colleagues moving from London to Frankfurt, for example.

“But we are also creating completely new roles in Frankfurt.” 

The development follows the US banking giant’s decision to consolidate most of its European Union businesses into one legal German entity based in Frankfurt.

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By GlobalData

This move, announced in January this year, was part of the bank’s strategy to simplify its structure for the bloc following Brexit.

Several non-European banks, including Goldman Sachs and UBS, have also set up their European hub in the German capital city, where they compete for talents.

Povaly commented: “Many banks want to strengthen their position in Frankfurt after Brexit. We also compete with other industries – like technology and fintech – for the best talent.”

Other hiring plans by JPMorgan

In January this year, a report by Reuters said that JPMorgan is planning to add more resources to its private banking business in Asia in a bid to strengthen its focus on serving mainland China clients.

Last year, the firm recruited 42 new employees in Hong Kong to serve mainland customers as part of its strategy to expand in the region.

In September last year, WSJ reported that JPMorgan hired two senior executives to revamp its online investment offering amid a boom in the online investing space.

Last July, it was reported that the bank is planning to recruit over 500 financial advisers in the next five to seven years to strengthen wealth management services.