Targeting tech, JP Morgan reshuffles, grows China team

The US bank’s ambition in China is growing as disruptive technologies permeate the financial market. It is reorganising industry groups of its China investment banking team, while ramping up headcount.

Aiming to infuse technology expertise more widely and deeply into its China investment banking business, JP Morgan has completed a finetuning of its internal industry group structure, overturning a decades-long tradition of industry coverage adopted by global investment banks.

Meanwhile, it plans to expand its mainland investment banking team by 40% to 50% over the coming two to three years, the firm said in an internal memo seen by FinanceAsia.

The hiring increase forms part of the bank’s plan to build an onshore joint venture securities company, in which JP Morgan holds a 51% stake. The proposal still awaits regulatory approval.

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