JPMorgan plans to hire 1,500 for hub in Argentina

JPMorgan Chase (NYSE:JPM) plans to expand its Buenos Aires corporate center as one of its global hubs for technology, finance, operations, and legal services, hiring 1,500 workers over the next five years, according to a media report.

The global bank is “working on a longer-term real estate plan to accommodate” the new hires in addition to the 3,500 employees who already work for JPM in the Argentine capital, Alfonso Eyzaguirre, CEO of J.P. Morgan Latin America and Canada and head of Latin America investment banking, told Bloomberg News in an interview.

JPMorgan Chase’s (NYSE:JPM) move to combine its commercial bank with its corporate and investment bank globally, will help the company grow in Latin America.

“Now that we’re totally integrated, we will be able to serve clients of the legacy commercial bank in countries in Latin America where we were not covering them,” Eyzaguirre said.

Before the integration, JPMorgan’s (JPM) Latin American commercial bank business only operated in Brazil and Mexico. Its business, which serves businesses that range from startups to firms with more than $2B in annual revenue, can now deepen coverage in the region, he said.

J.P. Morgan has operated in Argentina for more than 125 years and has participated in most of the country’s landmark transactions through advising local and international corporate clients and providing financing for the Argentine government, the company said on its website.