JPMorgan plans to axe as many as 140 positions at its private bank in Switzerland as it moves teams to cheaper locations to cut costs.
The cuts would mainly affect the Geneva offices, but some positions in Zurich could also be affected, a report by the Swiss financial news website Finews said. The bank notified employees this week that it will be moving jobs in operations, technology and other support functions to locations including Scotland, the Philippines and India.
"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" the bank said in a statement. "This year, we will take steps to relocate roles largely confined to support functions to other strategic hubs across our global network," the statement added.
A spokesman for the bank declined to comment on job cuts.
JPMorgan has been shrinking its workforce in more expensive locations such as New York and building up in lower-cost places like Plano, Texas, Columbus, Ohio and Wilmington, Delaware.