J.P. Morgan has moved into a new Swiss headquarters in the heart of Geneva's banking district at a time when other banks are leaving the city by the Rhone.
The Swiss private banking unit of US bank J.P. Morgan is moving to Rue du Rhône 35 in Geneva, which will also act as its Swiss headquarters, the bank said in an emailed statement Monday.
The US Bank has taken on a ten-year lease on the office building overlooking Lake Geneva and houses a jewelry dealer on the ground floor.
The unit’s head, Peter Gabriele, said the new location would be «the foundation for our expansion plans across the country and an ongoing base for our critical strategic offshore markets.»
Corona Exodus
The Corona crisis aggravated the exodus of banks and bankers from the heart of Geneva's financial center but competitors such as Union Bancaire Privée (UBP), Bank Eric Sturdza, and the Liechtenstein bank LGT can still be found in the vicinity.
J.P. Morgan employs around 1,000 people in Switzerland across its asset management, investment banking, and back-office services divisions, of which most are located in Geneva.
