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J.P. Morgan revs up expansion for 10% plus market share
By Zhang Fengming |
September 8, 2010, Wednesday
|
Online Edition
Online Edition
JP Morgan Chase Bank plans to hire 1,000 people globally this year to speed up its global corporate bank as the US bank is shedding its reliance on home market.
The hiring spree includes bankers for global corporate banking, which the bank mainly intensifies in China, India, Brazil, Britain and the German-speaking countries of Germany and Switzerland. It also include the headcount from products, sales and supporting staff from other wholesale banking, said Gregory L. Guyett, chief executive officer of J.P. Morgan's global corporate bank, today in Shanghai.
"We want to grow our international business and the biggest opportunity for growth is in corporate banking," he told Shanghai Daily in a tete-a-tete interview.
The global corporate banking expansion plan was sheltered during the crisis as the bank focused more on balance sheet and the take-over of Bear Stearns and Washington Mutual.
The global expansion ambition was re-ignited late last year.
"As we got to 2009, we decided that we had to start again but to move much more quickly and put more resources behind it," he said.
The bank is investing US$100 million in the business this year to build up its team and is seeking a more than 10 percent market share in international wholesale banking.
Though there're double-dip concerns, the bank will not slow down its expansion in the global corporate bank line. "We'll continue to invest and continue to invest quickly," said Guyett, who was on a five-day trip in China to deepen the bank's roots in the world's fastest growing major economy.
The bank targets the world's top 3,000 clients, two thirds of them already its existing clients. Its target clients include companies, financial institutions and governments.
The US bank, which already built a name as an investment bank in China, is expanding corporate banking as part of the job to trim reliance on its home market that contributes three quarters of group revenue.
In China's corporate sector, the bank's targets include multinational companies and Chinese companies going overseas to ride on its global network of over 60 offices.
China's rapid economic growth and the fact that "China is already on top or near top of the list" among its clients' expansion roadmap is driving the US bank to prioritize China as one of its five expansion areas.
He shrugged off worries on China's assets bubble as Chinese government has demonstrated ability to manage a balanced growth.
Ben Shenglin, a veteran banker, joined the bank in April as managing director of JP Morgan China and China head of the global corporate bank to expand the bank's capability in China.
The hiring spree includes bankers for global corporate banking, which the bank mainly intensifies in China, India, Brazil, Britain and the German-speaking countries of Germany and Switzerland. It also include the headcount from products, sales and supporting staff from other wholesale banking, said Gregory L. Guyett, chief executive officer of J.P. Morgan's global corporate bank, today in Shanghai.
"We want to grow our international business and the biggest opportunity for growth is in corporate banking," he told Shanghai Daily in a tete-a-tete interview.
The global corporate banking expansion plan was sheltered during the crisis as the bank focused more on balance sheet and the take-over of Bear Stearns and Washington Mutual.
The global expansion ambition was re-ignited late last year.
"As we got to 2009, we decided that we had to start again but to move much more quickly and put more resources behind it," he said.
The bank is investing US$100 million in the business this year to build up its team and is seeking a more than 10 percent market share in international wholesale banking.
Though there're double-dip concerns, the bank will not slow down its expansion in the global corporate bank line. "We'll continue to invest and continue to invest quickly," said Guyett, who was on a five-day trip in China to deepen the bank's roots in the world's fastest growing major economy.
The bank targets the world's top 3,000 clients, two thirds of them already its existing clients. Its target clients include companies, financial institutions and governments.
The US bank, which already built a name as an investment bank in China, is expanding corporate banking as part of the job to trim reliance on its home market that contributes three quarters of group revenue.
In China's corporate sector, the bank's targets include multinational companies and Chinese companies going overseas to ride on its global network of over 60 offices.
China's rapid economic growth and the fact that "China is already on top or near top of the list" among its clients' expansion roadmap is driving the US bank to prioritize China as one of its five expansion areas.
He shrugged off worries on China's assets bubble as Chinese government has demonstrated ability to manage a balanced growth.
Ben Shenglin, a veteran banker, joined the bank in April as managing director of JP Morgan China and China head of the global corporate bank to expand the bank's capability in China.
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