The move is driven by the company’s plan to garner additional investments from clients with $5m to $25m in investible assets.
It will see the inclusion of around 100 staffs from JPMorgan’s offices in Miami, New York, Houston and Geneva, where the firm employs approximately 430 people in its private banking unit, added the report.
JPMorgan CEO of private-banking business in LatAm Edinardo Figueiredo was quoted by the agency as saying in an interview: “We have been hiring very aggressively in this segment and will keep doing so.
“There’s still a lot to gain.”
Figueiredo also said that JPMorgan is penetrating in the LatAm market amid political ambiguity that drives various clients out of the region.
The bank currently oversees nearly $180bn in wealth from clients in LatAm. Approximately 10% of these assets are settled in Geneva.
In 2020, the firm began shutting down its onshore private banking activities in various LatAm countries, including Brazil and Mexico, after making losses in the region.
The firm now operates only one offshore unit to serve the LatAm clients.
Majority of JPMorgan’s assets in the region are from clients in Mexico. Affluent Brazilians, who mostly make onshore investments, have $31bn of offshore investment at JPMorgan, according to Figueiredo.
Last year, the firm recruited 50 employees, while it added 20 new Miami-based bankers to its LatAm private banking unit this year, added Figueiredo.
In March this year, Bloomberg News reported that JPMorgan would increase its headcount in Germany by around 25% this year.