The JP Morgan plan hire 1,500 workers in the next five years to expand its corporate center in Buenos Aires, one of the bank’s global hubs for technology, operations, finance and legal services.
The company already has 3,500 employees at that center and is “working on a long-term real estate plan to accommodate” the expanded team, he said. Alfonso Eyzaguirre, CEO of JP Morgan for Latin America and Canada, and head of investment banking for the region, in an interview with the agency Bloomberg in New York.
JP Morgan has observed great interest from investors in visiting Argentina now that the president Javier Miley celebrates his first year in office, “because “They want to see for themselves what is happening.”said Eyzaguirre. Next year “we hope to start seeing more activity in the capital markets and mergers and acquisitions”he added.
JP Morgan opened a branch in Argentina in 1948, and the Buenos Aires strategic center was created in 2014, when the bank transferred some functions there from places such as India and the United States.
Companies that set up global centers in the country, such as Accenture or Mercado Libre, point to the skilled workforce, command of English and the coincidence with the time zones of the United States.
This year, the firm has also increased the number of employees dedicated to serving clients in Brazil, Mexico and other places in Latin America, Eyzaguirre said, adding that the decision the company made in January merge your commercial banking with corporate and investment banking At a global level it was “great news” for the region.
“Now that we are fully integrated, we will be able to serve clients of the legacy commercial bank in Latin American countries where we did not have coverage,” he said.
Before combining with the corporate and investment bank, JP Morgan’s Latin American commercial banking business operated only in Brazil and Mexico. According to Eyzaguirre, this business – which provides services from startups to companies with annual revenues of nearly US$2 billion – can now expand its coverage in the region.