JP Morgan to Expand Asia PB Division Workforce by Over 100 This Year

[Photo by AFP Yonhap News]

[Asia Economy Reporter Park Byung-hee] The United States' largest bank, JP Morgan Chase, plans to increase its Asia private banking (PB) workforce by more than 100 employees this year, according to major foreign media reports on the 10th (local time).

According to insiders, about 20% of the newly hired staff will be assigned to serve clients in the China mainland market. JP Morgan already hired 42 new employees for its Hong Kong operations serving China mainland clients last year.

Sources revealed that JP Morgan is targeting asset owners in new economy sectors such as IT, biotechnology, and electric vehicles.

As the number of billion-dollar asset owners has rapidly increased recently in China and India, leading asset management firms such as Credit Suisse, HSBC, and UBS are actively expanding their workforce in the Asia region.

In particular, HSBC is aggressively increasing its personnel in Asia. In November last year, a senior HSBC official stated that the bank is also considering re-entering the India PB market.

Citigroup announced in May last year that it plans to increase its asset management specialists by 1,000 in the Hong Kong market over the next five years.

Boston Consulting Group predicted in a report last June that Asia's asset management business revenue will nearly double over the next five years, reaching $52 billion.

As of the end of the third quarter last year, JP Morgan's asset management division held $3 trillion in assets.

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