New York-based JPMorgan to shifting its regional focus in Asia to invest more in Japan and Australia amid ongoing challenges in China.
JPMorgan will look at «investing further» in its Japan and Australia businesses to take advantage of their growth potential, according to Asia Pacific chief executive Filippo Gori.
«In the current macroeconomic environment, we believe for a variety of different reasons that those two countries offer incredible opportunities over the coming few years,» Gori said in a television interview with «Bloomberg».
China Challenges
In addition to upside in Japan and Australia, the bank’s regional shift is also driven by ongoing challenges in China.
«It will be a longer journey than we would wish to gradually build up scale and reputation to do business,» said JPMorgan China CEO Mark Leung in a separate interview.
Cross-Border Flows
Still, Leung said the bank remains committed to China and noted that the current slowdown isn’t a long-term concern. He added that JPMorgan is looking to outdo domestic competitors with cross-border deals and transactions.
«Going cross-border as the differentiator is the key,» he said. «I believe that the second half of the year, whether it’s China or the rest of Asia Pacific, will have a flurry of activity coming up.»
