The new team of dedicated advisors will join the existing team based in Edinburgh and will provide wealth management services to individuals, family offices, charities and family foundations across Scotland.

“Our journey in Scotland began over a century ago. Fast forward to today and the country has become a strategic hub for the firm with several lines of business represented including J.P. Morgan Private Bank,” said Oliver Gregson, region head of J.P. Morgan Private Bank in the UK, Ireland & Channel Islands.

“This rich local history, when combined with J.P. Morgan’s global resources will help us deliver unparalleled depth of expertise and capabilities. That means you can call on our specialist teams to help with everything from investing, lending, financial planning and philanthropy through to corporate transactions and support of operating businesses.”

He continued: “As we continue to deepen our roots across the country, our vision is clear: we are here to grow, to partner and to invest in the people and the communities that make Scotland so unique.”

Khayyam Jumani, team lead and senior client advisor, Scotland and Northern England, said: “I firmly believe that to truly understand our clients – from challenges they face to potential opportunities available to them – location and environment is key.

“Scotland has for some time now, been a fast-growing hub for innovation and tech start-ups, attracting global interest and investment.

“Our dedicated local team strengthen our ability to better serve our clients and businesses across the country.”

Karen De Villiers, managing director and Edinburgh site lead, said: “Today’s news is a testament to our continued commitment to Scotland. Over the years, J.P. Morgan Chase has continued to invest in the local community, and we currently employ nearly 4,000 staff members across our Edinburgh and Glasgow offices.

“We are proud of the diverse footprint we have established and look forward to building our presence even further with our newly strengthened Private Banking team and looking ahead, with the launch of our new premises in Glasgow city centre in 2024.”

JPMorgan Chase & Co has a rich history in Scotland, which dates back to 1888. In 1976, JPMorgan Chase & Co opened a representative office in Edinburgh becoming the first New York bank to establish a presence in the city. J.P. Morgan established a large technology centre in Glasgow in 1999 which marked another significant milestone, helping further pioneer technology and innovation in the country. It is now home to over 2,500 technologists supporting several lines of business. More recently, the firm also opened a Chase customer support centre in Edinburgh.