Like Lenin, J.P. Morgan is setting its sights on Russia, from Zurich.
J.P. Morgan (Suisse) is planning to double the number of people on its Russia Desk in Zurich over the next few months, according to finews.com’s information.
Last year than bank managed to increase its assets under management by 10 percent, the bank said, adding that growth so far in 2021 of 14 percent was in line with its target of 13.8 percent. Previous estimates were that it manages over 80 billion francs ($87 billion) in Switzerland, of which over half come from private banking.
More Than Outpost
Zurich with its few dozen bankers is an outpost for J.P. Morgan compared with the hundreds it employs in Geneva, and the Eastern European team along with its expansion is being run from there by Karim Rekik, the bank said. However, the bank has poached several Russian specialists from UBS for its Zurich office.
Land of Boundless Opportunity
Russia is a burgeoning market for J.P. Morgan, offering a raft of opportunities to gain market share and increase its presence, it said last year. This has led to the expansion of the Zurich office.
Swiss asset managers are becoming increasingly nervous about Russian clients because of the ratcheting up of Western sanctions against Russian companies and individuals. The resulting surge in compliance requirements tends to favour big banks with their greater fire power.
Positive Signal on Jobs
The expansion of the Zurich Russia Desk also sends a positive signal to the staff at J.P. Morgan (Suisse) where around 100 jobs have been cut over the last year, taking the number down to 900.
