JPMorgan Chase & Co. (NYSE: JPM) yesterday announced the opening of a new global service center in Buenos Aires pointing to several positive factors like cheap real estate, a convenient time zone and a highly skilled labor force which helped the Argentine megacity trump other South American metros like Bogota, Santiago and São Paulo.
JPMorgan Opening A Regional Center With 1,000 Professionals is the headline of Javier Blanco’s analysis in this morning’s La Nacion which describes the two-year process which culminated in BA being chosen for the service center which will provide operational and technological support to the bank’s offices in over 100 countries.
The largest bank in the US is currently adding new employees in Buenos Aires at the rate of 30 per month, a pace that will result in over 400 new hires before year-end. In the coming years, JPMorgan Services Argentina plans to hire “1,000 professionals and Argentine university students with English-language skills and degrees in economics, business administration, engineering, and systems analysis,” writes Blanco.
JPMorgan is now looking to buy or rent approximately 200,000 square feet of centrally-located office space in Buenos Aires, according to Argentine bank president Facundo Gomez Minujin who reportedly lobbied hard for the BA location after learning the bank was planning a regional center similar to existing facilities in Delaware, Singapore and Bombay.
After two years of analysis, JPMorgan chose Buenos Aires because “the local labor market is efficient and very well trained, real estate here is very cheap (even compared to other South American metros), and we share the same time zone with a large number of markets where JPMorgan does business.” said Minujin. (Full Story in Spanish)
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