JP Morgan beefs up seaside UK office as it backs ‘talent of tomorrow’
US banking juggernaut JP Morgan has announced a hefty UK investment as part of plans to beef up its home base in the country.
The bank said it will invest over £300m into its Bournemouth campus, which will help facilitate a new building and upgraded facilities for the sites 5,300 employees.
The firm – which has operated in Bournemouth since 1986 – is the largest private sector employer in Dorset.
Along with the campus investment, JP Morgan said it will provide £3.5m over the next five years to South West non-profit organisations which are dedicated to helping young people in the area enhance career opportunities.
Jamie Dimon, the billionaire chairman and chief executive of the bank, said: “Bournemouth has long demonstrated that there is strong financial services and technology talent outside of London, and we’re proud to be the largest private employer there.
“Wherever we operate, we believe in making a positive impact, and this long-term investment in a world-class workplace and in local skills development is something the community will truly benefit from.”
JP Morgan to back next generation of talent
The site estimated to process around 350,000 transactions daily – totalling over $1tn.
The campus’ managing director, Karine Sweeney, said: “Our success in Bournemouth is down to the great potential of the local workforce.
“That’s why we’re so heavily invested in the careers of young people in the area – it’s the right thing to do but it also makes good business sense to help nurture the available talent of tomorrow.”
Chancellor of the Exchequer Rachel Reeves hailed the investment as “pushing the UK ahead in the global race for business investment.”
Reeves said: “As one of Dorset’s biggest private sector employers, JP Morgan Chase expanding their Bournemouth campus is fantastic news for the local economy and people who live here.”
Dimon was one of several banking industry bigwigs to meet with Reeves ahead of the Autumn Budget last year.
The meeting came amid speculation Reeves would hike the surcharge levy slapped on banks, which sits on top of corporation tax.
Whilst the surcharge was never raised, documents obtained openDemoracy reportedly sugggested Dimon would move parts of his business abroad if the levy was hiked.