There's some big news in corporate banking, that portends big hiring is afoot.
JPMorgan Chase & Co. is expected to launch a significant push into international corporate banking markets this year, according to a recent report from the Financial Times. That means an investment of at least $100 million and the hiring of 300 bankers, the FT says. JPMorgan will be targeting U.K., Germany, and Switzerland, as well as China, India and Brazil. If you have experience in these markets or the right language skills, now's the time to make your move.
The new global business's intent to sell loans and commercial banking services to multinational companies will position it in direct competition with HSBC and Citigroup, the two firms that have long-dominated the global market in this area. The product lineup will range from loans and commodities trading to cash management services.
The waning U.S. economy and a crippled Citigroup has prompted JPMorgan to launch this effort. Greg Guyett, the bank's head of Japan, will move to London to lead the division.
"We are doing this now for a couple of reasons...to balance our growth and increase the portion of our revenues that comes from outside the U.S. and from emerging markets in particular; and because, after the crisis, a number of our competitors are challenged," said Guyett.