JP Morgan Chase job postings hint expansion plans in China
JP Morgan Chase & Co listed over 350 job postings in 2021 in China and its 2022 job adverts seem to indicate plans to strengthen expansion in the country, finds GlobalData, a leading data and analytics company.
The investment bank is looking to engage with companies, individuals, and families based out of China and markets such as Latin America (LATAM) to create business opportunities. Additionally, the bank is hiring for new teams, besides working with the government on regulatory aspects.
Ajay Thalluri, Business Fundamentals Analyst at GlobalData, says: “JP Morgan’s hiring in China is a critical component of its growth plans in Asia-Pacific. Easing norms on foreign ownership of securities companies has given an impetus to the bank’s expansion in the country. It is prominently hiring for China Securities Company and capital and investment banking (CIB) operations in the country. The recent listings also suggest the creation of a new data office to aid CIB operations.”
Developing data strategy while considering country specific requirements and partnering with the government on data-related regulatory initiatives are some key aspects indicated in a recent job posting.
JP Morgan is planning a joint venture locally to establish a system migration project for its asset management division. The bank is hiring for ‘Testing and Implementation Manager’ to ensure business and system readiness and successful implementation of QDII fund accounting system migration project.
Interestingly, there’s a LATAM angle in JP Morgan’s China plans. The bank is building and expanding treasurer/chief financial officer (CFO) relationships with Chinese corporate clients in LATAM.
The bank has relations with 300 LATAM subsidiaries, a January 2022 job listing for ‘Latin America Multinationals Corporate Bank China into LATAM Desk – VP’, shows. JP Morgan is identifying new business opportunities and collaboration prospects on deal execution while educating Chinese clients on its corporate banking capabilities for Latin American subsidiaries.
Thalluri adds: “The bank is also looking to generate new business by engaging with various stakeholders and selling escrow products.”
JP Morgan is targeting China headquartered clients operating across the globe to provide its payment solutions. The bank is hiring wealth management associates in Singapore to provide investment advice to ultra-high-net-worth (UHNW) individuals and families in China. It is drafting China-specific healthcare sector reports on individual company/stocks, ‘CIB – Equity Research – China Healthcare – Vice President’ role points.
Thalluri concludes: “JP Morgan’s hiring in China was relatively high compared to other APAC countries such as Australia, Japan, and South Korea in 2021. The company could increase hiring in China as it continues to expand its commercial banking operations, according to Q4 2021 earnings call transcript.”