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

Karen De Villiers, 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.”

Khayyam Jumani, team lead, Scotland and Northern England, said: “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.”

Oliver Gregson, region head of J.P. Morgan Private Bank in the UK, Ireland & Channel Islands, said: “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 …

“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.”