JPMorgan established the ETC in 1999. Since then it has grown to employ about 600 technologists, who develop and support banking applications and systems for JPMorgan globally. The Glasgow operation focuses specifically on the investment bank and asset management divisions; the new positions are for software engineers.

The project is being supported with £1.5m in regional selective assistance from the Scottish Executive. Paul Murphy, CEO of JPMorgan Scotland Services, commented: “Thanks to the continued support from the Scottish Executive, we look forward to the further expansion of our operations in Glasgow and to attracting top talent to the business.”

Scottish first minister Jack McConnell said: “This is a significant announcement for Scotland. It shows yet again that Scotland is a natural home-from-home for international financial companies.”