The largest American bank is opening a new headquarters in Poland
The government of Poland is expecting JPMorgan Chase to open an operational center in Warsaw, completing the list of international banks attracted by the low costs from Poland amid the competition of relocating the positions from London in Europe’s most developed cities, Bloomberg writes.
The US bank, which will hire “a few thousand people” according to Polish Deputy Prime Minister Mateusz Morawiecki, will join the massive group of foreign banks that have relocated to Poland during the last two years.
“The world’s largest bank will have a headquarter here and will hire several thousand people in management, risk management and logistics, which is good because these are well-paid jobs”, Morawiecki said.
UBS Group has set up a global hub in Krakow, while Goldman Sachs, who plans to halve its staff in London to 3.000 employees, will expand to Warsaw to “several hundred” in the upcoming years, according to Handelsblatt .
Morawiecki said this year that Brexit could bring up to 30.000 positions in the Polish business sector.
Jennifer Zuccarelli, spokesman for JPMorgan in London, refused to comment.
In January, a spokesman said the bank is “continually reviewing options for improving its office strategy and it has nothing to do with Brexit.
Business outsourcing centers opened by foreign companies have brought 198.000 new jobs to Poland, most of them in the financial industry, according to the Association of Business Service Leaders in Poland.