This item was published during the term of a previous administration that ended in April 2007
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Financial services firm plans expansion in Glasgow
27/01/2006
Financial services firm JPMorgan has announced plans to further expand their Glagow-based European Technology Centre with the creation of 100 new high value jobs.
First Minister Jack McConnell today welcomed the news and said it "showed that Scotland was a natural home from home for international financial companies."
The centre, which designs and develops technology systems to support JPMorgan's financial services operations around the world, was set up in 1999 and currently employs around 600 staff. The new positions which are open to highly skilled software engineers, will bring the total number of JPMorgan jobs in Glasgow to 700.
The project is being supported with £1.5 million in Regional Selective Assistance from the Scottish Executive.
Mr McConnell said:
"This is a significant announcement for Scotland. It shows yet again that Scotland is a natural home from home for international financial companies.
"Scotland is a first class location for inward investment. We have a highly skilled, highly trained workforce, universities that are admired all over the world, and graduates that have what it takes to help businesses flourish.
"JPMorgan, and others, have recognised this. They are a leading financial services company, with operations all over the world, but they have chosen to continue to expand in Scotland. Today's announcement is a ringing endorsement of what we have to offer.
"It sends out a clear message - modern Scotland has the infrastructure, the people and the skills needed for success."
Michael Ashworth, Chief Information Officer, JPMorgan said:
"We are delighted to announce the further expansion of our European Technology Centre. Glasgow continues to provide JPMorgan with access to a highly talented and skilled workforce and it is a key strategic location for JPMorgan globally."
Paul Murphy, Chief Executive Officer, JPMorgan Scotland Services Limited said:
"Thanks to the continued support from The Scottish Executive, we look forward to the further expansion of our operations in Glasgow and to attracting top talent to the business."
Jack Perry, Chief Executive of Scottish Enterprise said:
"This expansion emphasises the continuing strength of the financial services industry in Scotland. These will be highly skilled new jobs - exactly the sort of business we want to encourage to grow in Scotland. JPMorgan's decision also reflects the hard work of everyone involved at Scottish Development International and Scottish Enterprise Glasgow, who have helped win this important development for Scotland."
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $1.2 trillion and operations in more than 50 countries. The firm is a leader in investment banking, financial services for consumers and businesses, financial transaction processing, asset and wealth management, and private equity. A component of the Dow Jones Industrial Average, JPMorgan Chase has its corporate headquarters in New York and its U.S. consumer and commercial banking headquarters in Chicago. Under the JPMorgan, Chase and Bank One brands, the firm serves millions of consumers in the United States and many of the world's most prominent corporate, institutional and government clients.
JPMorgan established the European Technology Centre (ETC) in Glasgow, in 1999. From then it has grown to employ approximately 600 highly skilled technologists, who develop and support banking applications and systems for JPMorgan globally. The Glasgow operation focuses specifically on the Investment Bank and the JPMorgan Asset Management Divisions. With a broad spectrum of technology and financial services companies operating in Scotland, and an excellent set of universities producing a steady pipeline of talent, JPMorgan has found the Glasgow location to be a highly successful venture.
The announcement came after the First Minister met with senior Scottish representatives of JP Morgan and US-based Chief Information Officer Mike Ashworth in Glasgow. The First Minister met with Mr Ashworth and other JP Morgan representatives in New York in October 2005, where he talked about the benefits of investing in Scotland.
On Monday, the First Minister Jack McConnell chaired his first meeting of the Financial Services Advisory Board.