According to two sources close to the situation, JPMorgan Chase & Co (JPM.N) is set to increase its private banking unit staff in Asia by more than 100 this year, joining its peers in a bid to capture a larger portion of the region’s wealth.
These sources also noted that approximately one in every five of the firm’s new hiring would focus on clients in mainland China, which is one of the world’s fastest-growing wealth markets notwithstanding the staggering regulatory crackdown that has crippled the country’s economic potentials.
The Wall Street bank has already expanded aggressively in Asia in 2021 with 42 new joiners based in Hong Kong to cover mainland clients, bringing the total number of people on its mainland China team to 80, one of the sources said.
JPMorgan is targeting China’s wealthy individuals in new economy areas such as IT, biotech, and electric vehicles, with Alibaba Group (9988.HK) founder Jack Ma among its private banking clients in China.
One of the individuals noted that the Wall Street bank has already aggressively grown in Asia in 2021, with 42 new joiners stationed in Hong Kong covering mainland clients, raising the total number of workers on its mainland China team to 80.
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