September 22, 2017 / 11:47 AM / a month ago

JPMorgan picks Warsaw for new operations center: Polish deputy PM

WARSAW (Reuters) - U.S. bank JPMorgan Chase (JPM.N) has chosen Warsaw to host a new global operations center that will employ several thousand people over the next couple of years, Polish Deputy Prime Minister Mateusz Morawiecki said on Friday.

A J.P. Morgan logo is seen in New York City, U.S. January 10, 2017. REUTERS/Stephanie Keith

Possible other contenders to host the center were Budapest and the Polish city of Wroclaw, though Reuters reported in April that Warsaw was the front-runner.

It will, among others, employ “people ...with competences such as in data management, risk management, credit risk management, supply chain management,” Morawiecki told Polish public radio.

JPMorgan was not immediately available for comment.

Poland, the EU’s largest eastern economy, has already established itself as a major offshoring, or near-shoring, site for banks.

The estimates of financial services jobs moved from all Western countries to Poland range from 35,000 to 45,000, with Britain’s decision to exit the EU seen accelerating the process. “This is a huge success because this (JPMorgan) is a sort of Mercedes in the financial services sector,” Morawiecki added.

Reporting by Marcin Goettig; Additional reporting by Andrew MacAskill in LONDON; editing by John Stonestreet

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