By Yantoultra Ngui and Rae Wee
SINGAPORE, Sept 11 (Reuters) - JPMorgan Chase ( JPM ) is
accelerating hiring across its corporate banking business in the
Asia Pacific region and aims to increase headcount by 20% next
year as part of a regional growth push, senior executives told
Reuters.
JPMorgan ( JPM ), the largest U.S. bank, has already bumped up its
staffing levels in the division by 20% as of July, double its
initial target for 2025 growth, said Oliver Brinkmann, co-head
of global corporate banking, Asia Pacific (APAC).
"We're planning for something similar next year," Brinkmann
said in Wednesday's interview on the sidelines of JPMorgan's ( JPM )
APAC CFO and Treasurers Forum in Singapore, adding that the
extra hirings would be spread across the region.
The bank said it was unable to provide a breakdown on the
individual number of bankers it would hire.
The hiring spree underscores JPMorgan's ( JPM ) push to expand its
footprint in Asia Pacific, where it sees long-term growth driven
by digital innovation, rising intra-Asia trade and demand from
corporates in the region to go global.
"It has come at a challenging time for some within the
industry, and we think that is a great opportunity for us to
expand," he said of the bank's plans.
"When those things happen, you know competition is going to
come back strongly, so you need to take that opportunity ... We
think that's the case for the next three to four years, and
hence we're going to accelerate our hiring."
Brinkmann also pushed back on pessimism about China's growth
outlook.
China's economy has been hampered by a prolonged slump in
its property sector and weak domestic demand, with trade
disruptions owing to U.S. President Donald Trump's sweeping
tariffs adding to headwinds for the export-reliant economy.
"The naysayers say China's going to slow down and it's
going to be difficult. We don't see that. Our China business is
growing 25% year-on-year."
Kerwin Clayton, Brinkmann's co-head, said the pace at which
Asian companies are going global is feeding demand for the
bank's services.
"From an Asia-Pacific standpoint ... there is growth
everywhere," he said.