American bank JP Morgan is planning to expand its services in Switzerland by hiring 400 new people in the country by 2012.
Jobs would be particularly created in private banking in Geneva, including in wealth management, commodities trading and industry financing.
Majority of the posts would open up in Geneva. The other posts are slated for Zurich and Zug.
Swiss newspaper TagesAnzeiger quoted Martin Schuetz, co-head of JP Morgan in Switzerland, saying the bank plans to increase its private banking team in Geneva to over 1,000 by the end of 2012 from 650 now and double its staff in Zurich to 120 by next year.
The bank will utilize its existing platform in Geneva to manage the money of wealthy foreigners to service markets like Singapore and Hong Kong, Schutz added.
The move is part of JP Morgan’s strategy to expand further into Europe and Asia.
Recently, Deutsche Bank also indicated that it plans to create 350 new jobs in Zurich.