US financial services group JPMorgan is looking to hire a team of retail bankers in Germany in a bid to expand its consumer banking operations.
The move is part of the bank’s efforts to open new and steady streams of revenue.
A year ago, JPMorgan launched its retail arm —Chase — in the UK, marking its foray into the overseas consumer banking market.
In the next few years, the bank aims to expand into other European markets as well.
The US banking group is now tracking the success of its launch before a decision on business expansion is made, a top executive told Reuters.
The German team could be used across multiple locations, but a plan is yet to be finalised, the source said.
Based on the job postings on JPMorgan’s website, the lender is hiring for roles including “people project lead” in global consumer banking, and financial crime compliance officer.
A representative for JPMorgan declined to comment on job openings or on plans to expand retail banking operations.
The job openings at the bank highlight its plans to expand consumer banking business, Nils Wilm, a banking recruiter in Germany was cited by the news agency as saying.
Last month, the Economic Times reported that JPMorgan is planning to expand its staff in India by 5,000. Other than core banking, the bank’s team in India operates in areas such artificial intelligence, analytics and blockchain.