JPMorgan is reportedly planning to increase the headcount of its UK retail bank Chase to help it expand its product portfolio.

Speaking to Reuters, JPMorgan international consumer business head Sanoke Viswanathan said that the bank is planning to hire hundreds more employees in 2022 to help it launch investment, savings, and consumer lending offerings.

Chase, which was launched in September this year, is JPMorgan’s first step into the overseas retail banking market.

Notably, the lender has hired 200 people since its launch in the UK and the new hires will take Chase’s headcount to over 1000.

The hires will be made across Chase’s business including its London headquarters and customer support centres in Edinburgh and the Philippines.

The bank plans to implement the Chase model in other European markets in a few years.

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Viswanathan said “we had a plan, and we are definitely ahead of it. We want to be in all the major European markets over time, all being well. The idea is to be pan-European.”

In June this year, JPMorgan Chase acquired Nutmeg, which will enable it to offer investments and savings services in the UK.

Expanding its product portfolio will help Chase in turning profitable over time. It is expected to be a loss-making firm for several years, Viswanathan added.

In March 2018, US lender’s rival Goldman Sachs launched its digital consumer arm in the UK.