JPMorgan Boosts Asia-Pacific Team by 10% to Tap into Innovation Economy and Intra-Asia Trade Opportunities

JPMorgan plans to increase its workforce in the Asia-Pacific region to seize opportunities in the innovation economy sector. The US bank intends to expand its corporate banking team in this region, known for its numerous successful startups, by 10% over the upcoming year.

Executives from the American bank, JPMorgan Chase, have announced the company's intention to broaden its corporate banking division throughout Asia in the following year. This decision comes as the bank sees increasing commercial prospects arising from trades within Asia, the new-age economy, and payment services.

"Our goal is to increase the staff in our corporate banking team by 10 per cent across Asia in the coming year," stated Oliver Brinkmann, the co-leader of global corporate banking for the Asia-Pacific region.

The financial institution, functioning in 17 regional markets, is witnessing a considerable surge in regional commerce amidst the economic expansion in several Asian nations. This trend is also somewhat propelled by geopolitical challenges, he further noted.

"The pace of investments has shifted," stated Brinkmann, who is based in Singapore, during an interview in Hong Kong. "There's also a heightened emphasis on developing a domestic, Asian business for numerous Asian corporations."

Consequently, the bank is channeling funds into expanded subsidiary banking and national desks to tap into growing markets like Korea, Japan, India, and China.