JPMorgan’s Chase Expanding Staff, Product Suite

J.P. Morgan’s British retail bank Chase is continuing to expand its staff as it executes its strategy to move into investment and savings services by integrating its acquired digital wealth manager Nutmeg and to roll out its consumer lending product suite.

Hundreds of people will be added to the staff next year to take its workforce over 1,000. Sanoke Viswanathan, CEO of J.P. Morgan’s international consumer business, told Reuters that since Chase opened its digital doors in September, it’s hired 200 people, bringing its workforce to 800.

Staff will be added at its headquarters in London as well as at its support centers in Edinburgh, Scotland, and Manila in the Philippines.

J.P. Morgan’s first foreign consumer bank, Chase, has already processed over a million transactions worth hundreds of millions of pounds, boosted in part by an uptick in holiday spending.

The acquisition of Nutmeg brings more than 140,000 clients and over £3.5 billion of assets under management. In Britain, Chase plans to first push into investment and savings services by integrating Nutmeg before launching consumer lending products, according to the report.