J.P. Morgan Chase & Co. has started recruiting some of the 4,500 employees the company aims to hire over the next two years in India, a move that will double its head count in the country, a spokesman confirmed Tuesday.

The new hires will work in the company’s investment bank operations and deal with settling derivatives contracts in the cities of Mumbai and Bangalore. The jobs involve ensuring derivative contracts are routed to their owners and payment is transferred.

J.P. Morgan Chase will recruit those with experience in financial services or other qualifications such as a master’s degree in business.

The new hires are not replacements for employees elsewhere, the spokesman said. The growth in the derivatives business has prompted the need for more workers, he said. The new hires could eventually move to other company offices worldwide, he said.

J.P. Morgan Chase now has 4,500 employees in India.