JP Morgan has said that it plans to add more than 400 staff within the next two years and double assets under management in its Swiss private banking division as part of a major expansion in the country.

In an interview with Swiss newspaper Bund, Martin Schuetz, co-chief executive officer for Switzerland, said: "We want to boost private banking in Geneva from 650 to more than 1,000 full-time positions by the end of 2012."