JPMorgan hires most bankers in China

08:41, February 25, 2011      

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JPMORGAN hired the most number of bankers in China for its global corporate bank business last year and it is confident that expansion will not slow in 2011 as the bank taps on the higher outbound investments by Chinese companies, a senior executive said yesterday.

The New York-based bank hired about 100 bankers last year for its corporate bank and several hundred supporting staff like credit officers.

"China is certainly the market where we hired the most new bankers last year," said Gregory L. Guyett, chief executive officer of JPMorgan's global corporate bank, in an exclusive interview with Shanghai Daily. "It's a pretty substantial part of that number."

The United States bank said earlier it will invest US$100 million annually to hire bankers for the business to aim for a market share of more than 10 percent in the long run.

The bank slowed its global corporate banking expansion during the financial crisis in 2009 as it focused on its balance sheet and the acquisitions of Bear Stearns and Washington Mutual. But Guyett said the global economy is on its way to recovery.

He sees China, India and Brazil as well as countries that have heavy investments in China - the UK, Germany and Switzerland - as key markets.

Guyett shrugs off a possible slowdown in China's economy this year amid the government's introduction of several tightening measures and instead views the consolidation as opportunities.

"The slower growth in China may mean that Chinese companies are investing more overseas at a quicker pace," he said. "It's very important for us."

China shifted its monetary policy from accommodative to tightening this year.

By Zhang Fengming, Shanghai Daily
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