Private Bank operation ‘just the start’ of Wall Street giant’s investment in North

The opening of an office for JP Morgan Private Bank in Manchester city centre could be just the start of a much bigger investment in the city across fintech and wider banking functions for the Wall Street giant.

Prior to a meeting with civic leaders, including Mayor Andy Burnham, last night, Oliver Gregson, Head of JP Morgan Private Bank in the UK and Ireland told TheBusinessDesk.com that the investment in a Manchester office putting ‘boots on the ground’ was part of a “massive commitment” to look at more opportunities in the UK. 

“We now have over 1.6 million UK customers and over £15 billion in deposits and are continuing to invest,” he said. 

“We also rolled out our commercial bank capability, our new innovation economy team, our new green economy team, we’re really starting to tap into that start-up community of entrepreneurs, business owners, working with them on the provision of payroll, Treasury, FX, all the traditional needs for mid market companies.”

Though JP Morgan doesn’t do business banking, it has a number of retail propositions, including Nutmeg, the Europe’s largest digital wealth manager, with 230,000 customers with £5 billion in assets, which it acquired in June 2021 for £700m. 

The bank as a whole employs 25,000 people in the UK and also owns Global Shares, a fintech company headquartered in Clonakilty, Ireland, which manages employee equity plans for start-ups, tech companies and enterprise brands, and has offices in Leeds and Bristol.

Gregson also spoke about the charitable work the bank has done with a credit union in south Manchester and the Centrepoint homelessness charity, and evoked the bank’s links with Manchester, including financing the construction of the Manchester Ship Canal.  

“We hope in three to five years the commitment here will only continue to grow. The firm is investing significantly in the UK, and I am positive that there will be other things that we will be able to share with you all in the future,” he said. 

“I look at sort of what’s happening in Manchester, and what we’re trying to do, strategically, we can bring those two things together. Not just in the commercial sense, but the wider role of a big company like ours, and how we show up in the communities that we work and operate in is really important.”

Asked whether the economic risks to the North and possibility of a recession were a concern, he said: “This is a really long term commitment. The firm is very fortunate and has been here for nearly 200 years. And I think the ambition is that we remain here for the next 200 years. And when we make these decisions it really is with a long term view.” 

Khayyam Jumani

Khayyam Jumani, the executive director and team lead for the North, is building an initial team of 8 in the Manchester office at Landmark, on Oxford Street.

He has relocated to Manchester and said he sees opportunities for JP Morgan as well as for clients of the bank.

“I’m speaking with some entrepreneurs in Liverpool, who are starting to look to particularly invest in this greentech space, and invest in businesses which can help in this space. So we’re seeing a lot of opportunity in there as well.”

Giving Scotland as an example, Gregson said JP Morgan has made acquisitions and has recently opened a 350,000 square feet office in the middle of Glasgow.

“I think it’s quite possible that we are back talking to you in the not too distant future about incremental plans over and above what we’re talking about today. There’s so much happening here and in other areas. Take Scotland as an example. We are the largest single International Financial Services employer in Scotland.” 

Jumani said he is witnessing an entrepreneurial spirit in the North and said there is enough culture, lifestyle and business opportunities to retain top talent and to sustain a business ecosystem in the North and resist a draw to London.

“There’s also a massive consumer base in the North too,” he said. 

JP Morgan Chase now has offices in London, Manchester, Bournemouth, Glasgow and Edinburgh.

The bank’s New York headquarters are actually on Madison Avenue, but Wall Street is used above as a catch-all euphemism for major American financial institutions.

Andy Burnham at JP Morgan reception

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