(Bloomberg) --
JPMorgan Chase & Co. plans to grow its headcount in Germany by as much as 25% this year, bringing the total in Frankfurt to about 700 people by December.
The additions follow an increase of 15% to more than 600 people in the German city last year, Senior Country Officer Stefan Povaly said in an interview.
“Some of the growth over the past year and this year is due to relocations within the bank, colleagues moving from London to Frankfurt, for example,” Povaly said. “But we are also creating completely new roles in Frankfurt.”
Current hiring in Frankfurt ranges from asset management to private banking and commercial banking to investment banking, he added.
JPMorgan earlier this year said it folded the majority of its client-facing European Union units into a single Frankfurt entity as it simplified its legal structure in the region.
Other non-EU banks including Goldman Sachs Group Inc. and UBS Group AG have also bulked up in Frankfurt as they chose Germany's financial capital as one of their EU hubs.
Finding the right talent in Frankfurt is not always easy, and the city has competed with Paris, Amsterdam and other capitals for a share in post-Brexit banking moves.
“Many banks want to strengthen their position in Frankfurt after Brexit,” Povaly said. “We also compete with other industries - like technology and fintech - for the best talent.”
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