The lender has also moved some operations and tech jobs to Argentina, the Philippines and India/Bloombergby Bloomberg
JPMorgan Chase & Co. plans to eliminate as many as 140 positions at its private bank in Switzerland as it moves teams to cheaper locations to cut costs.
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.
Cost cuts have been a major focus for the biggest US bank amid a growing number of potential pitfalls for the economy. 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.
The lender has also moved some operations and tech jobs to Argentina, the Philippines and India.
JPMorgan spokesman said, “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.’
“This year, we will take steps to relocate roles largely confined to support functions to other strategic hubs across our global network,” said JPMorgan spokesman.
Banks around the world have cut thousands of jobs as they slash costs to weather slowing economies and adapt to shifts in consumer behaviour and digital technology. Switzerland, where workers earn among the highest salaries in Europe, is a natural target for jobs that could be done from elsewhere.