JP Morgan to bolster private banking operation in Asia

Reported hiring spree will help the company expand its offering for HNWs in China

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US banking giant JP Morgan Chase & Co plans to boost its private banking business headcount in Asia by more than 100 this year, according to Reuters.

The report said that the hiring spree is part of a push to grab a bigger share of the region’s wealth.

About a fifth of the hires will focus on clients in mainland China.

JP Morgan is eyeing China’s wealthy individuals in economy sectors such as tech, biotech, and electric vehicles.

A spokesperson for JP Morgan Private Bank declined to comment.

This news comes at a time when global wealth management giants Credit Suisse, HSBC and Citi have been ramping up headcount in Asia.

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