JPMorgan to move Swiss jobs to Scotland and India

JPMorgan Chase is to cut its workforce in Switzerland by about 15% and relocate the jobs to Scotland and India.

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David Sapsted

10 March 2020

America's largest bank plans to eliminate up to 140 positions in Switzerland, where it has a workforce of almost 1,000 spread across wealth management, investment banking and backoffice functions.Most of the positions will go in Geneva and a few in Zurich as the bank moves jobs in operations, technology and other support functions to less expensive centres.

JPMorgan: cost-cutting amid uncertain global conditions

JPMorgan said in a statement, "Switzerland remains an important growth market for JPMorgan, and we are committed to providing best-in-class advice and counsel to clients across the country. To best deliver on this commitment, we have taken a number of steps to operate more efficiently."This year, we will take steps to relocate roles largely confined to support functions to other strategic hubs across our global network."Like many other international banks, JPMorgan has been focusing on cutting costs amid uncertain global conditions, shrinking its workforce in New York and relocating jobs to less expensive US cities as well as moving operations and tech positions to Argentina, the Philippines and India.Last September, the bank unveiled plans to build a new multi-million pound base for its technology operations in Glasgow's International Financial Services District. The 13-storey building, due for completion in 2022, will house the 2,000 JPMorgan currently working in two other locations in the city and will have the space to accommodate 700 more technology specialists."Banks around the world have cut thousands of jobs as they slash costs to weather slowing economies and adapt to shifts in consumer behaviour and digital technology. Switzerland, where workers earn among the highest salaries in Europe, is a natural target for jobs that could be done from elsewhere," reported Bloomberg.

JPMorgan: moving staff because of possible effects of Coronavirus

Meanwhile, short-term relocations after affecting hundreds of JPMorgan traders and sales staff in New York and London, who are being sent to work in back-up locations to try and protect operations from the possible effects of coronavirus.Approximately half the bank's sales and trading staff in both cities are expected to be moved to different locations.“We are starting to shift people as a precautionary measure at this stage, and one that we are beginning now as a way to ensure seamless execution over time,” JPMorgan said in a staff memo. “Dividing our workforce into different locations improves our ability to serve clients continuously while reducing the health risks associated with physical contact should a case arise.”