(Bloomberg) -- JPMorgan Chase & Co. aims to base a double-digit number of private bankers in its planned Munich office as the US banking giant seeks to do more business in Germany’s wealthy south.
“We are planning for Munich with a low double-digit number of employees, the majority of them in private banking,” Caroline Pötsch-Hennig, who heads the private banking business in Germany, said in an interview. Currently, JPMorgan is serving rich clients in the south from its Frankfurt office.
The Wall Street bank has long been expanding in Germany, having established its European hub in Frankfurt after Brexit. The lender is also working on a local retail bank, which is being developed in Berlin.
Germany is one of the most important private banking markets in Europe for JPMorgan, according to Pötsch-Hennig, who joined from Deutsche Bank AG last year. She described Munich and southern Germany as a very interesting part of that market because many high-net-worth individuals live there.
“On the one hand, you have long-established entrepreneurs,” she said. “And on the other hand, new wealth is being created in sectors such as technology and private equity.”
©2024 Bloomberg L.P.
