JP MORGAN CHASE plans to launch a global corporate banking unit to sell loans and banking services to multinational corporations.
The bank plans to invest $100m (£62m) in the unit, which would have around 300 bankers, in a move that would pit the bank directly against rivals like Citigroup and HSBC.
Sources at the bank, led by chairman and chief executive Jamie Dimon, said the move is aimed at cutting the reliance of the business on the slow growing US market.
The unit would focus on fast-growing China, India and Brazil, as well as more mature markets in the UK, Switzerland and Germany. Greg Guyett, JPMorgan’s head of Japan is moving to London to lead the new unit. Guyett told the Financial Times a key reason for the move was that its rivals are “challenged.”
City A.M. Reporter