JP Morgan to expand operations in Switzerland: report

Global financial services major JP Morgan is planning major expansion in Switzerland, as it bolsters its private banking operations in Geneva, Zoug and Zurich.

The expansion of the US bank is expected to add over 400 jobs in Switzerland, reports quoting Martin Schütz, the company's co-chairman in Switzerland, as saying.

Swiss media reports quoted him as saying that J P Morgan's workforce in Switzerland will grow to over 1,000 by 2012 - an addition of around 400 new jobs.

"Switzerland has always been at the heart of our international finance strategies" said Schütz, adding, "Our customers really value the advantages of a strong currency, minimal inflation, a prudent central bank and high service quality."

"Switzerland remains a highly attractive location for JP Morgan," Schuetz said. "Our customers really value the advantages of a strong currency, minimal inflation, a prudent central bank and high service quality."

Despite a partial opening of Switzerland's banking secrecy laws following the global financial meltdown, the country still remains a strong attraction for private banks like J P Morgan.

JP Morgan plans to intensively use the Swiss base to manage the wealth of foreigners and to service markets in Asia.