# JPMorgan readies overseas retail expansion with German hiring spree Author: Pal Sinha, Barnali Author URL: https://financedigest.com/author/pal-sinha-barnali Published: 2022-09-05 Category: NEWS Category URL: https://financedigest.com/category/news Meta Title: JPMorgan Plans Retail Expansion in Germany Amid Meta Description: Join JPMorgan as they grow their retail banking team in Germany, offering a start-up atmosphere in pursuit of steadier revenue streams. URL: https://financedigest.com/jpmorgan-readies-overseas-retail-expansion-with-german-hiring-spreehtml ![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/2022-09-05t051609z1lynxmpei8403ertroptp4jpmorgan-germany-raid-1736815292614-compressed.jpg) By Marta Orosz and Tom Sims FRANKFURT (Reuters) – JPMorgan plans to hire a team of retail bankers in Germany as the biggest U.S. lender prepares to expand its international [consumer business](https://www.financedigest.com/citigroup-says-will-close-russian-consumer-commercial-business.html "Citigroup says will close Russian consumer, commercial business") in pursuit of steadier revenue streams. In its first such foray outside the United States, JPMorgan entered the [British market with a digital-only retail](https://www.financedigest.com/valentines-day-spending-boosts-british-retail-sales-in-february-brc.html "Valentine’s Day spending boosts British retail sales in February – BRC") offering last year and executives have signalled their aim is to expand this to other countries. JPMorgan is now [tracking the success of the rollout before making a decision on exactly where and to what extent it will offer the business](https://www.financedigest.com/5-fx-metrics-your-business-should-be-tracking.html "5 FX METRICS YOUR BUSINESS SHOULD BE TRACKING") elsewhere, a senior executive told Reuters. The hires in Germany could be used across different locations, the [person said on condition of anonymity because JPMorgan’s plans](https://www.financedigest.com/best-guide-to-build-a-personal-financial-plan.html "Best Guide to Build a Personal Financial Plan") have not yet been finalised. On Thursday, JPMorgan [posted a job for a “people](https://www.financedigest.com/life-post-brexit-people-must-take-precedent.html "Life post Brexit – people must take precedent") project lead” in international consumer banking. Join us in Berlin as we embark on this exciting chapter in the continued growth of our business,” it wrote, offering [hires a “start-up](https://www.financedigest.com/5-steps-hiring-top-talent-youre-just-start.html "5 steps to hiring top talent when you’re just a start-up ") atmosphere. Among the other recent 80-plus German job offerings on its website, JPMorgan is seeking a [financial crime compliance officer “for the international](https://www.financedigest.com/the-hidden-financial-woes-of-international-students-heading-for-the-uk.html "The Hidden Financial Woes of International Students Heading for the UK") consumer expansion in Germany. A spokesperson for JPMorgan declined to comment on the [job postings or on plans](https://www.financedigest.com/meta-plans-to-cut-thousands-of-jobs-as-soon-as-this-week-bloomberg-news.html "Meta plans to cut thousands of jobs as soon as this week – Bloomberg News") to grow its consumer business. Nils Wilm, a banking recruiter in Germany, said the JPMorgan job offerings point clearly to an expansion of [retail banking](https://www.financedigest.com/uk-retail-banks-is-irrelevance-curtailing-opportunity.html "UK Retail Banks: Is Irrelevance Curtailing Opportunity?"). U.S. banks have been looking to offset lucrative but at times volatile returns in investment banking with steadier revenues, although they [face a competitive consumer market](https://www.financedigest.com/german-residential-property-market-faces-risk-of-price-drop-diw-study.html "German residential property market faces risk of price drop – DIW study") dominated by local incumbents, where margins are thin. Banks, which are already suffering from a drop in corporate dealmaking, could also see their [retail operations](https://www.financedigest.com/iveco-to-transfer-nordic-retail-and-commercial-operations-to-hedin.html "Iveco to transfer Nordic retail and commercial operations to Hedin") struggle to expand as unemployment rises, inflation bites and consumers tighten their spending. BATTLE LOOMS Top JPMorgan executives acknowledge that banks in the past struggled in retail banking outside their home markets, but say the digital era has [changed the game](https://www.financedigest.com/exclusive-olympics-paris-2024-plans-games-relay-changes-fewer-torches-source.html "EXCLUSIVE-Olympics-Paris 2024 plans Games relay changes, fewer torches-source"). This is going to be a battle,” Jamie Dimon, JPMorgan’s long-standing [chief executive](https://www.financedigest.com/exotix-draws-sberbanks-us-chief-executive-in-triple-hire-to-extend-global-capabilities.html "Exotix Draws Sberbank’s US Chief Executive in Triple Hire to Extend Global Capabilities") told investors in May. Sanoke Viswanathan, JPMorgan’s chief executive for international consumer growth initiatives, said at the same event: “There’s a massive digital disruption [happening around the world](https://www.financedigest.com/in-a-stadium-of-their-own-migrant-workers-say-their-sweat-made-world-cup-happen.html "In a stadium of their own, migrant workers say their sweat made World Cup happen"), and this opens up a window of opportunity for us. JPMorgan, whose European Union hub is in the German financial centre of Frankfurt, has become one of the largest advisory banks in Germany in recent years, and is expanding to target more of the medium-sized [firms that form the backbone of Europe’s](https://www.financedigest.com/analysis-rate-rises-pile-pain-on-sme-firms-in-u-s-and-europe.html "Analysis-Rate rises pile pain on SME firms in U.S. and Europe") largest economy. (Graphic: JPMorgan in Germany, https://graphics.reuters.com/JPMORGAN-GERMANY/byprjglkype/chart.png) It has hired 200 people in Germany so far this [year for its broader business](https://www.financedigest.com/2018-is-a-year-of-regulation-is-your-business-ready.html "2018 is a year of regulation – is your business ready?"), but a retail push would mark a new front in another saturated market dominated by local savings banks and well-known brands like Deutsche Bank and Commerzbank. In another posting, JPMorgan is advertising for an assistant general counsel with knowledge of laws and regulations for products and services “in Germany to [retail consumers”](https://www.financedigest.com/france-leans-on-retailers-to-help-consumers-cope-with-food-prices.html "France leans on retailers to help consumers cope with food prices"). Deutsche Bank analysts said in a note last week that while JPMorgan seemed likely to expand its [retail business into the EU, “why does it make sense to expand retail banking](https://www.financedigest.com/rethinking-retail-banking-embracing-a-customer-centricvalue-proposition.html "Rethinking retail banking: Embracing a customer-centricvalue proposition") globally when other banks haven’t been able to do so and the global regulatory burden is high? JPMorgan expects to [lose $450 million](https://www.financedigest.com/wizz-air-loses-fight-against-67-million-in-state-aid-for-romanian-rival.html "Wizz Air loses fight against million in state aid for Romanian rival") on its international consumer business in 2022, according to slides that accompanied a presentation earlier this year, with the venture projected to break even in five or six years. Some of the job postings are based in Berlin, a [technology hub that underscores the digital](https://www.financedigest.com/digital-technology-and-startups-during-a-recession-how-to-stay-afloat.html "Digital Technology and Startups During a Recession — How to Stay Afloat") nature of JPMorgan’s venture. Achim Oelgarth, head of the East German Banking Association, said the German capital, home to [online bank](https://www.financedigest.com/dutch-online-bank-bunq-applies-for-u-s-banking-licence.html "Dutch online bank Bunq applies for U.S. banking licence") N26 and a Deutsche Bank IT division, was a “centre of gravity” for tech talent. (Editing by Sabine Wollrab, Elisa Martinuzzi and Alexander Smith) --- This blog is powered by Superblog. Visit https://superblog.ai to know more. ---