JPMorgan Chase & Co. (NYSE: JPM) announced that it plans to triple its private banking assets in Asia during the next half-decade in a plan which will increase the company’s head-count in the region by 40% in 2010 and 2011.
JPMorgan Chase & Co. (NYSE: JPM) international private banking chief executive Douglas Wurth outlined JPMorgan’s plan for Asian growth in an interview with Bloomberg which was published on Tuesday. Wurth told Bloomberg that JPMorgan currently has about 400 employees an Asia and hopes to increase that number soon.
The Wall Street bank currently generates about 20% of its international business from Asia, and hopes to increase that portion to about 50%, Wurth said. JPMorgan Chase & Co. (NYSE: JPM) already manages more than $700 billion of assets globally.
JPMorgan Chase & Co. (JPMorgan Chase) is a financial holding company. JPMorgan Chase’s principal bank subsidiaries are JPMorgan Chase Bank, National Association (JPMorgan Chase Bank, N.A.), a national banking association with United States branches in 23 states, and Chase Bank USA, National Association (Chase Bank USA, N.A.), a national banking association that is the Firm’s credit card-issuing bank. JPMorgan Chase’s principal nonbank subsidiary is J.P. Morgan Securities Inc. (JPMorgan Securities), its United States investment banking firm. Its activities are organized into six business segments: Investment Bank, Retail Financial Services (RFS), Card Services (CS), Commercial Banking (CB), Treasury & Securities Services (TSS) and Asset Management (AM). Its wholesale businesses comprise the Investment Bank, Commercial Banking, Treasury & Securities Services and Asset Management segments. Its consumer businesses comprise the Retail Financial Services and Card Services segments.
Shares of JPMorgan Chase & Co. (NYSE: JPM) traded down 0.33% during mid-day trading on Monday.
