JPMORGAN is to move 100 jobs from London to Bournemouth.

The jobs are in institutional trust services (ITS), which already accounts for 65 staff at the 4,000-strong Chaseside complex.

ITS provides transaction services for more than $3.5 trillion dollars in debt world-wide and more than $100 billion in equities.

ITS is a rapidly-growing arm of JPMorgan's business, having acquired Bank One's corporate trust services business.

JPMorgan has switched the jobs to Bournemouth because it offers "cost benefits and a great pool of talent in a stable environment".

Recent moves to Bournemouth from other lines of business include derivatives, equities and fixed income, resulting in growth of "more than 500 roles at the campus within the last nine months".

JPMorgan is Bournemouth's largest private sector employer with its Chaseside site having trebled in size over last eight years.

Last year the bank filled "1,000 vacancies" across Bournemouth last year - "500 internal, 500 external hires".

The bank says it has around 170 job vacancies at any one time and will be recruiting at the Daily Echo/FirstAssist Recruitment & Training Exhibition at the Hilton Hotel, Bournemouth.

JPMorgan head of institutional trust services for EMEA & Asia Peter Lighte said: "Our decision to move our remaining operations and some technology functions to Bournemouth was born out of a recent location study.

"The Bournemouth campus was chosen because it is already a recognised centre of excellence within JPMorgan, making it a natural magnet for trust services."

In June the Echo reported how JPMorgan was planning to axe 70 jobs in its foreign exchange department.

Staff were told that many of their functions would be transferred to an office in Mumbai, India in mid-2004.

Communications manager Dorcas Williams said: "This is still happening but because of the scale of our operation in Bournemouth we have been very successful redeploying people.

"As previously reported we have a 90 per cent redeployment rate within operational areas. Roles moving out does not necessarily equate to people leaving. One of the reasons we have been so successful in growing is the recognition of the pool of experience and talent that exists at the Bournemouth campus."

Some 95 per cent of " external hires" last year were Dorset people she added.