JP Morgan to invest £28.6 million in Bournemout

JP Morgan Chase, America's largest private-sector lender, has announced plans to spend £28.6 million on revamping its global technology and operations centre in Bournemouth, a move that will secure jobs and support the local economy.

Jamie Dimon, the chairman, president and chief executive officer of JP Morgan, yesterday paid a visit to Chaseside, met some of the 4,000 staff of global technology and operations centre, and announced plans to revamp the 25-year-old complex.

Announcing the investment plans, Mr. Dimon added, "Bournemouth offers access to high quality talent and to facilities that can support our business, not just in London, but around the world. We are proud to be an active member of the Bournemouth community and to be the largest private sector employer in Dorset."

Fifty-eight-year-old Dimon pocketed a huge sum of 20 million US dollars (£12.1 million) in pay & perks in 2013. The package consisted $1.5 million in salary and $18.5 million in shares.

East Bournemouth MP Tobias Ellwood welcomed the investment, saying it was a matter of delight for them that the banking giant was making the long term commitment for the city.

Bournemouth Chamber of Trade & Commerce President Mandy Payne also welcomed the announcement, saying JP Morgan was supporting the area by putting its feet down even further and securing jobs in the area.

JP Morgan has had offices in Bournemouth for 28 years, supporting client activities in 40 countries.