JPMorgan employs 120 at digital retail bank in Germany, to grow over time

FRANKFURT (Reuters) -JPMorgan has moved 120 employees for its upcoming digital retail bank into its new central Berlin headquarters and expects to hire more people in the years to come in a building with space for 400.

The bank, which will launch its Chase digital retail bank in Germany in the second quarter of next year, officially opened the Berlin office on Tuesday, though staff moved in a few weeks ago.

“Chase … plans to continue hiring in the coming years,” the bank said in a statement.

JPMorgan’s move into German retail banking marks a bold move into the already crowded banking market of Europe’s largest economy.

The office will also house some staff from other departments but is primarily for the retail bank.

JPMorgan is already one of the largest banks in Germany, drawn to its large wealthy customer base, stable regulatory environment, and fintech scene. 

Last week,  Germany’s financial watchdog BaFin said it had imposed its largest-ever fine of 45 million euros on Frankfurt-based JPMorgan SE for deficiencies in money-laundering prevention.

(Reporting by Tom SimsEditing by Madeline Chambers)

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