J.P. Morgan and Nomura are prepping for increased headcount in China by significantly boosting office space in Shanghai.
Both global financial giants reportedly added space to their offices based in Shanghai Tower, China’s tallest skyscraper. J.P. Morgan added 5,000 square meters to reach 15,000 square meters and Nomura doubled its office space to 5,000 square meters, according to a «Bloomberg» report citing unnamed sources.
J.P. Morgan’s office expansion follows previously announced plans to relocate all its Shanghai-based employees to a single location. The firm moved to Shanghai Tower less than a year ago and has been «hiring more in recent months», the report adds.
Onshore Optimism
China’s ongoing market opening has attracted a myriad of major financial players to add domestic presence including Goldman Sachs and BlackRock. Effective as of this month, foreign companies can apply for 100 percent control of insurance and futures businesses in China and will be able to do the same for mutual fund management companies by April.
J.P. Morgan and Nomura already have majority-owned securities ventures in China and the latter lender expects to grow local headcount to 500 by 2023, according to a «Nikkei» report, with a focus on wealth management and investment banking.
According to the China Center for International Economic Exchanges, the outlook for China’s onshore market is bright with projections for global firms to pour assets totaling up to 8 trillion yuan ($1.16 trillion) onshore over the next few years.
