In an interview with Bloomberg, Yoav Intrator, head of technology operations for JP Morgan in Israel, said the US lender plans to employ as many as 200 Israeli engineers at its Herzliya office over the next two years. The financial giant is also setting up a division to engage the start-up nations tech companies that are developing technologies using blockchain and artificial intelligence.
"We analyze our labor and software engineering needs on a regular basis, so it was a very deliberate decision for us to be in Israel,” Larry Feinsmith, JPMorgan’s head of global technology strategy, said in a phone interview. “It’s competitive as the other banks, tech companies and startups are all there.”
Multinational financial companies such as BlackRock Inc., Citigroup Inc., and Toronto-Dominion Bank have also established Israeli offices in recent years, joining tech giants such as Facebook, Amazon, Intel and Apple.
"Israel is not about cost; it’s really about the quality,” Intrator said from the bank’s headquarters, which are sandwiched between Microsoft Corp. and a WeWork site. “What can we do in Israel that’s unique and really help the company in its digital strategy in the long term and not just the short term? That’s the primary driver.”
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