While several Swiss financial institutions are cutting jobs, J.P. Morgan is taking a different approach. Switzerland head Reinout Boettcher plans to continue investing and hiring, with mid-sized companies offering particular growth potential.
J.P. Morgan remains firmly in expansion mode in Switzerland. Business has continued to grow strongly so far in 2026, Reinout Boettcher, Switzerland CEO and Head of Swiss Investment Banking at J.P. Morgan, told finews.
Growth extends across virtually all of the bank's key businesses. Corporate Banking is expanding, while Markets continues to benefit from elevated capital-market volatility. Private Banking and Asset Management are also recording significant growth, according to Boettcher.
In some areas, growth is running at a «reasonable double-digit percentage» rate, as Boettcher said.
The Opportunity Left by Credit Suisse
Mid-sized Swiss companies play a particularly important role in J.P. Morgan's expansion strategy. The bank has added staff in this segment in recent years as part of a broader global mid-market initiative.
The consolidation of the Swiss banking sector has also created opportunities.
The takeover of Credit Suisse by UBS left a gap in the market, Boettcher said. Swiss companies have become more interested in diversifying their banking relationships, increasing their willingness to engage with international institutions such as J.P. Morgan.
The US bank's offering, however, is not identical to that of Switzerland's large domestic banks. Boettcher does not see domestic Swiss payments, for example, as a focus area. The opportunity is much greater among companies with substantial international operations.
Down to Around 500 Million Francs in Revenue
That is where J.P. Morgan intends to push deeper into the Swiss mid-market. The bank's definition of the segment extends broadly to companies with annual revenue of around 500 million francs.
Further expansion also requires the bank to look beyond Switzerland's largest listed corporations.
«If we want to continue growing, we cannot focus solely on the top 20 SMI companies alongside our five main competitors,» Boettcher said.
J.P. Morgan Plans to Keep Hiring
That puts the US bank on a different trajectory from several Swiss financial institutions that have recently announced cost-cutting programs and job reductions.
«We are moving more in the opposite direction,» Boettcher said. «We want to continue hiring people and continue growing.»
That explicitly includes Switzerland. The bank does not intend to expand headcount indiscriminately, but plans to add staff selectively in strategically important areas.
Boettcher also sees a broader distinction between US and European banks. In his experience, American institutions tend to be somewhat more focused on investing to generate top-line growth. European banks, by contrast, often seem to place greater emphasis on the bottom line, with cost reductions accounting for a more substantial part of earnings growth.
AI Will Eventually Affect Employment
That does not mean J.P. Morgan is dismissing the potential impact of artificial intelligence on banking jobs.
Boettcher expects AI eventually to have a more significant effect on the labor market and to shift the nature of certain roles. He sees substantial potential for efficiency gains in back-office functions as well as in supporting front-office employees.
J.P. Morgan has not, however, made any decision to reduce recruitment in Switzerland because of AI. For now, the focus remains on growth.
Swiss M&A Market Loses Momentum
The Swiss investment banking market is currently less dynamic. While global M&A activity has been strong in 2026, particularly in the US and Europe, Switzerland is lagging behind.
Boettcher primarily attributes this to a difficult comparison. Switzerland enjoyed an exceptionally strong M&A year in 2025, while 2026 is shaping up to be closer to an average year.
He does not see a fundamental demand problem. Clients remain actively engaged with M&A. What has been missing this year are several large transactions. That matters disproportionately in a relatively small market such as Switzerland.
«We Can Do Much More»
Boettcher remains convinced of the Swiss market's long-term potential. Switzerland has a large universe of large-cap and mid-cap companies and continues to offer substantial room for J.P. Morgan to expand.
The objective is clear: «We have to gain more market share.»