Banking giant JP Morgan will employ a team in Germany as it looks to establish an international consumer business expansion.
It entered the British market with a digital-only retail product last year, its first outside the US, and officials have indicated their plans to expand this to other nations.
A senior executive said the firm is now evaluating the success of the rollout before deciding where and to what degree it will offer the business elsewhere.
The person, who asked not to be named, said the recruits in Germany could be utilized in many locations.
Last week, the financial services company posted a job for a “people project lead” in international consumer banking.
It wrote: “Join us in Berlin as we embark on this exciting chapter in the continued growth of our business,”, offering hires a “start-up atmosphere”.
Currently, there are over 80 German job vacancies posted on its website.
The investment bank is also looking for a financial crime compliance officer “for the international consumer expansion in Germany”.
A company spokesperson declined to comment on the job postings or plans to expand its consumer business.
Banks are already struggling from a reduction in corporate dealmaking and could find it difficult to develop their retail businesses if unemployment increases, inflation hits, and consumers limit their spending.
Top JPMorgan executives believe that banks have historically failed in retail banking outside of their home markets, but they claim that the digital era has transformed the game.
CEO Jamie Dimon said: “This is going to be a battle.”
JPMorgan’s CEO for International Consumer initiatives, Sanoke Viswanathan said: “There’s a massive digital disruption happening around the world, and this opens up a window of opportunity for us”.
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JPMorgan, whose European Union base is in the German financial center of Frankfurt, has recently grown to become one of Germany’s top advising banks.
It is growing to target more medium-sized businesses, which are the backbone of Europe’s largest economy.
This year, it has employed 200 people in Germany for its broader business.
A retail drive would open a new front in a market dominated by local savings banks and well-known brands such as Deutsche Bank and Commerzbank.
Another job posting seeks an assistant general counsel with knowledge of laws and regulations for products and services “in Germany to retail consumers.”
Some of the job advertising is in Berlin, a technological hotspot that highlights JPMorgan’s venture’s digital element.