JPMorgan to open workplace in Athen, housing funds R&D unit (NYSE:JPM)

The J.P. Morgan a part of JPMorgan Chase (NYSE:JPM) is opening a brand new workplace in Athens, Greece, that can home a brand new Funds Innovation Lab offering R&D to the the corporate’s funds enterprise globally.

JPMorgan (JPM) has been bulking up its investments in know-how and funds to fend off challenges from fintech upstarts. In early 2021, JPM CEO Jamie Dimon stated the corporate ought to be scared by fintechs, saying that the Wall Road financial institution has put numerous time into the funds house.

The financial institution intends to rent about 50 workers to the Funds Innovation Lab, together with funds merchandise and engineering specialists. JPMorgan (JPM) workers already primarily based in Athens, who work throughout the Company & Funding Financial institution and Asset & Wealth Administration companies, can even switch to the brand new workplace.

A part of the lab’s work will give attention to Onyx by J.P. Morgan, a unit that employs superior applied sciences corresponding to blockchain to develop new monetary providers, merchandise, platforms, and marketplaces. The middle will consider supporting the event of resolution round distributed ledger know-how, synthetic intelligence and cryptography associated to funds techniques.

The financial institution’s presence in Greece dates again to 1968 when it opened places of work in Paraeus and Athens.

Late final month, the corporate stated it began a pilot rent-payment platform for landlords so as to make the method faster and extra environment friendly.

Earlier this 12 months, traders had criticized Dimon for not offering sufficient element about JPMorgan’s (JPM) know-how spending plans, the Monetary Instances reported.