JPMorgan to increase private banking workforce in Asia by more than 100 this year – sources


A sign outside the offices of JP Morgan Chase & Co. is visible in New York, United States on March 29, 2021. REUTERS / Brendan McDermid

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HONG KONG, Jan. 10 (Reuters) – JPMorgan Chase & Co (JPM.N) plans to increase its private banking workforce in Asia by more than 100 this year, said two people with first-hand knowledge of the matter, joining its peers in a push to seize a greater share of the wealth of the region.

About a fifth of its new hires will focus on clients in mainland China, added the People, which is among the world’s fastest growing wealth markets despite an unprecedented regulatory crackdown that has clouded its economic outlook.

The Wall Street bank has already grown aggressively in Asia in 2021 with 42 new members based in Hong Kong to cover mainland clients, bringing the total number of its mainland China team to 80, the company said. one of the sources.

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JPMorgan envisions wealthy Chinese individuals in new economy sectors such as tech, biotech and electric vehicles, the source said, adding that its private banking clients in China include group founder Alibaba (9988.HK) Jack Ma.

Ma’s charitable foundation, which handles her media queries, did not immediately respond to a request for comment.

Unlike some of its competitors who focus on the wealthy segment, JPMorgan’s private banking business targets people with at least $ 25 million in assets to invest, the people said on condition of anonymity because they were not allowed to speak to the media.

A spokesperson for JP Morgan Private Bank declined to comment.

Global wealth managers, including Credit Suisse (CSGN.S), HSBC (HSBA.L) and UBS (UBSG.S), have increased their workforce in Asia as countries like China and India hit more than billionaires and millionaires.

HSBC is ahead of its hiring targets for its retail wealth management business in China and plans to re-enter the private banking business in India, senior executives said in November.

It is looking to strengthen its mobile wealth planning service, HSBC Pinnacle, in China with around 700 personal wealth planners by the end of the year instead of the 550 originally planned.

Citigroup (CN) announced last May its goal of recruiting 1,000 wealth professionals in Hong Kong over the next five years, including 550 new private bankers and account managers.

Asia’s wealth management revenue pools are expected to soar faster than any other market, nearly doubling over the next five years to $ 52 billion, the Boston Consulting Group said in a Global Wealth Report published in June of last year.

JPMorgan’s asset and wealth management business had $ 3 trillion in assets under management in the third quarter of last year. The bank neither discloses how much of that is represented by Asia, nor does it give a regional workforce breakdown.

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Reporting by Kane Wu and Julie Zhu; Editing by Sumeet Chatterjee and Himani Sarkar

Our Standards: Thomson Reuters Trust Principles.


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