JPMorgan Chase is rushing to recruit in its corporate banking operations in the Asia Pacific region and hopes to add 20 percent more people to its staff in 2012 as part of a regional expansion drive, senior managers said.
The biggest U.S. bank, JPMorgan, has already increased its workforce in the department by a fifth by July, exceeding its original goal of a 20 percent growth by the year 2025, 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 APAC CFO and Treasurers Forum in Singapore, adding that the extra hirings would be spread across the region.
We have something like that in mind next year, Brinkmann said peripheries of the Jpmorgan APAC CFO and Treasurers Forum in Singapore that the additional hires would be regionally dispersed.
The bank said it was unable to provide a breakdown on the individual number of bankers it would hire.
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The hiring spree underscores JPMorgan's 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.
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"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.
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"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."