JPMorgan Taps Warsaw for Operations Center, Heralding Thousands of New Jobs

European lenders have already been aggressively publicizing plans to relocate their operations from the UK, resulting in high personnel turnover. In light of this shift, JPMorgan (NYSE:JPM) has opted to install a new operations center in Warsaw.

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The decision to set up shop in Poland is a strategic move for the US lender as it looks for a foothold in the EU. As the largest economy in Eastern Europe, Poland boasts a number of advantages, including low taxes and labor costs. The move is expected to generate thousands of jobs, according to a Reuters report.

JPMorgan’s new operations center could also be a windfall for Warsaw. It is unknown how many personnel JPMorgan will hire locally or bring from abroad, however. Regardless, there will be demand for workers in several areas, including data management.

This was echoed by Polish Deputy Prime Minister Mateusz Morawiecki, who noted that JPMorgan would employ “people with competences such as in data management, Risk Management Risk Management One of the most common terms utilized by brokers, risk management refers to the practice of identifying potential risks in advance. Most commonly, this also involves the analysis of risk and the undertaking of precautionary steps to both mitigate and prevent for such risk.Such efforts are essential for brokers and venues in the finance industry, given the potential for fallout in the face of unforeseen events or crises. Given a more tightly regulated environment across nearly every asset class, One of the most common terms utilized by brokers, risk management refers to the practice of identifying potential risks in advance. Most commonly, this also involves the analysis of risk and the undertaking of precautionary steps to both mitigate and prevent for such risk.Such efforts are essential for brokers and venues in the finance industry, given the potential for fallout in the face of unforeseen events or crises. Given a more tightly regulated environment across nearly every asset class, Read this Term, credit risk management, supply chain management.”

Short list of candidates

Warsaw had been on JPMorgan's shortlist of candidates, as it eyed a new location for its operations center in Eastern Europe. Wroclaw and Budapest were also rumored to be in the running.

The past two years has seen a huge uptick in the flow of finance personnel in Europe, and this is only going to increase in the near future. With Brexit Brexit Brexit stands for British Exit, or in reference to the United Kingdom’s decision to formally leave the European Union (EU) as declared in a June 23, 2016 referendum. In a more immediate sense, a tight vote and unexpected result helped drive British pound (GBP) to lows that had not been seen in decades.The day following the referendum, former Prime Minister David Cameron resigned from office where he was replaced by Theresa May, who later resigned from office on June 7th, 2019. Active Prime Minis Brexit stands for British Exit, or in reference to the United Kingdom’s decision to formally leave the European Union (EU) as declared in a June 23, 2016 referendum. In a more immediate sense, a tight vote and unexpected result helped drive British pound (GBP) to lows that had not been seen in decades.The day following the referendum, former Prime Minister David Cameron resigned from office where he was replaced by Theresa May, who later resigned from office on June 7th, 2019. Active Prime Minis Read this Term negotiations ongoing, Theresa May’s past rhetoric has effectively forced those lenders that operate in the UK to take alternative measures.

While the UK will still remain atop the pecking order as a financial services center, Frankfurt and Dublin have each emerged as rivals to the UK capital. It is presently unclear whether other lenders will follow JPMorgan’s move into Warsaw, though the city has already seen a marked increase in personnel courtesy of Brexit concerns.

Upwards of 35,000 to 45,000 workers from within the EU have flocked to Poland since the Brexit process was first initiated. “This is a huge success because this is a sort of Mercedes in the financial services sector,” Morawiecki reiterated, speaking to Polish public radio regarding the new operations center.