FRANKFURT, Nov 11 (Reuters) - JPMorgan ( JPM ) has moved

120 employees for its upcoming digital retail bank into its new

central Berlin headquarters and expects to hire more people in

the years to come in a building with space for 400.

The bank, which will launch its Chase digital retail bank in

Germany in the second quarter of next year, officially opened

the Berlin office on Tuesday, though staff moved in a few weeks

ago.

"Chase ... plans to continue hiring in the coming years,"

the bank said in a statement.

JPMorgan's ( JPM ) move into German retail banking marks a bold move

into the already crowded banking market of Europe's largest

economy.

The office will also house some staff from other departments

but is primarily for the retail bank.

JPMorgan ( JPM ) is already one of the largest banks in Germany,

drawn to its large wealthy customer base, stable regulatory

environment, and fintech scene.

Last week, Germany's financial watchdog BaFin said it had

imposed its largest-ever fine of 45 million euros on

Frankfurt-based JPMorgan SE for deficiencies in money-laundering

prevention.