Global investment bank JPMorgan Chase (JPM) plans to increase its employees in Germany by as much as 25% in 2022, the bank’s Senior Country Officer Stefan Povaly revealed in a Bloomberg interview. JPMorgan aims to end the year with about 700 workers in Frankfurt.
To simplify its legal structure in the region, JPM has decided to fold most of its client-facing EU operations into a single entity based in Frankfurt, Bloomberg reported.
In Germany, the bank has been hiring for roles in asset management, private banking, and investment banking. In addition to new hires, JPMorgan will also relocate its employees from London to Frankfurt.
“Many banks want to strengthen their position in Frankfurt after Brexit,” said Povaly said. In 2021, JPMorgan increased its German headcount by 15% to more than 600 employees.
JPMorgan Launches High-Yielding Digital Savings Account in the UK
While expanding its German team, JPMorgan is also working to grow its UK digital banking business that operates under the Chase brand. Chase, launched in the UK in September 2021, has introduced a savings account product that offers an interest rate of 1.5%. The rate is more than double the 0.7% interest that Chase’s rival Marcus by Goldman Sachs (GS) offers in the country.
Wall Street’s Take
The Street is cautiously optimistic about the stock with a Moderate Buy consensus rating. That’s based on nine Buys versus, eight Holds, and one Sell. The average JPMorgan price target of $176.33 implies 24.3% upside potential to current levels. Shares have declined 12% year-to-date.
News Sentiment
TipRanks data shows that the News Score for JPMorgan is currently Neutral based on 77 articles published over the past seven days. Notably, 67% of the articles have a Bullish Sentiment compared to a sector average of 63%, while 33% of the articles have a Bearish Sentiment compared to a sector average of 37%.
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