JP Morgan Chase Likely To Move To Warsaw

JP Morgan Chase is looking for a place for their new operations center. Although the big news has not yet been officially confirmed, it appears that one of the biggest financial corporations in the world chose Warsaw as the seat for their new premises.

The news came from the Reuters agency in the last week of April. The reporters quote three anonymous sources who are almost certain that the bank’s representatives are keen to set up the institution’s new back office in the capital of Poland. However, JPMorgan officials refused to speak on the matter.

According to the leaks, the American financial services company has three destinations on its shortlist. Apart from Warsaw, the main contenders in the race are the Hungarian capital Budapest, the Romanian capital Bucarest, and Wrocław, a fast-developing city in the west of Poland. Bank representatives visited the Polish capital and scouted for appropriate office premises. Deputy President of Warsaw, Michał Olszewski, confirmed that city officials had a meeting with the bankers.

JP Morgan office is to employ over two thousand people. The bank is to start with a small team and increase staff levels when the new office is ready. The company has already started recruiting. There is a job offer for the Head of HR on the bank’s website. Still, the company does not respond to media inquiries. The official decision is to be announced in May.

Warsaw has also been chosen as home by such global corporations as Goldman Sachs, Nielsen, UBS and Credit Suisse. Its main advantages over other European cities are a deep pool of professionals and low labor costs.

JP Morgan Chase & Co. is a multinational financial institution headquartered in New York. JP Morgan was founded in 2000 and is one of the Big Four banks in the US.

Deputy Prime Minister Mateusz Morawiecki said he is happy more and more high-profile companies are moving or expanding their operations in Poland. He expects Poland will benefit from jobs being moved out of London City due to Brexit.