The four bankers will report to Juliana Pagetti, a managing director for JP Morgan's private banking unit based in São Paulo.

Reuters recently reported that JP Morgan and other players in Brazil are responding to a recession and rising benchmark interest rates by offering clients a broader mix of investment options. Industry players expect Brazil's private banking assets to expand less than 10 per cent this year and in 2016, down from about 20 per cent annually between 2008 and 2013, it said.

JP Morgan's expertise in fund management, foreign exchange and brokerage services is, however, reportedly attracting clients from rivals, with rising demand for succession and estate planning also expected to bring in more businesses, the report also mentioned.