J.P. Morgan will add a dozen research analysts this year to its mainland-based brokerage business, five months after obtaining regulatory approval to launch the majority-owned unit.
The largest American lender will target both local and global brokerages to meet its hiring needs, according to a «Reuters» report citing unnamed sources. Last year, J.P. Morgan hired ex-UBS equity head David Xu to head the business in his Shanghai-based role.
The expansion will bolster headcount at the bank’s research arm to double the coverage of China-listed firms in five years from the current 225-odd firms. Greater focus will be placed on coverage in technology, biotechnology and automobiles, the report added.
Critical Market
J.P. Morgan continues its ambitious expansion drive in China following regulatory approval in December 2019 to provide brokerage, investment advisory and underwriting services.
At the time, J.P. Morgan called China a «critical market» and the bank in April furthered exposure in the mainland by taking full ownership of its domestic asset management business.
