Hiring to beef up corporate banking
By Zhang Fengming |
September 9, 2010, Thursday
|
Print Edition
Print Edition
JP Morgan Chase plans to hire 1,000 people worldwide this year as it invests US$100 million to build up its global corporate banking business while shedding reliance on its home market in the United States.
The hiring spree will include people for its global corporate bank which it seeks to grow in China, India, Brazil, Britain, Germany and Switzerland. Staff will also be hired for products, sales and support services, Gregory L. Guyett, chief executive officer of J.P. Morgan's global corporate bank, said yesterday in Shanghai.
"We want to grow our international business and the biggest opportunity for growth is in corporate banking," he told Shanghai Daily.
The US bank slowed its global corporate banking expansion during the financial crisis in 2009 as the bank focused more on its balance sheet and the acquisition of Bear Stearns and Washington Mutual. The expansion was re-ignited late last year.
"We decided that we had to start again but to move much more quickly and put more resources behind it," Guyett said. "We'll continue to invest and to invest quickly."
The bank targets the world's top 3,000 clients, including corporations, financial institutions and government. The bank is targeting a market share of more than 10 percent in international wholesale banking.
The bank has placed China as one of its top priorities due to its rapid economic growth and because "China is already on top or near top of the list" in the expansion plans of its clients.
The bank was locally incorporated in Beijing in 2007 with a registered capital of 4 billion yuan (US$590 million).
It also set up a futures brokerage joint venture in 2007, and is now seeking regulatory approval to open a securities joint venture in China.
The hiring spree will include people for its global corporate bank which it seeks to grow in China, India, Brazil, Britain, Germany and Switzerland. Staff will also be hired for products, sales and support services, Gregory L. Guyett, chief executive officer of J.P. Morgan's global corporate bank, said yesterday in Shanghai.
"We want to grow our international business and the biggest opportunity for growth is in corporate banking," he told Shanghai Daily.
The US bank slowed its global corporate banking expansion during the financial crisis in 2009 as the bank focused more on its balance sheet and the acquisition of Bear Stearns and Washington Mutual. The expansion was re-ignited late last year.
"We decided that we had to start again but to move much more quickly and put more resources behind it," Guyett said. "We'll continue to invest and to invest quickly."
The bank targets the world's top 3,000 clients, including corporations, financial institutions and government. The bank is targeting a market share of more than 10 percent in international wholesale banking.
The bank has placed China as one of its top priorities due to its rapid economic growth and because "China is already on top or near top of the list" in the expansion plans of its clients.
The bank was locally incorporated in Beijing in 2007 with a registered capital of 4 billion yuan (US$590 million).
It also set up a futures brokerage joint venture in 2007, and is now seeking regulatory approval to open a securities joint venture in China.
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