JPMorgan to Hire 1,700 in Asia, Wealth Management to Expand

Stephen Harris

6 March 2008

JPMorgan plans a 9 per cent increase in its staff in the Asia region before the end of this year, equivalent to about 1,700 new hires, according to an internal memo seen by Financial News. The expansion is needed to support the firm's plans for growth in the region, according to Gaby Abdelnour, JP Morgan's Asia-Pacific chief executive. Mr Abdelnour said the firm would continue to explore opportunities for expansion into commercial banking and wealth management. China and India hold particularly strong potential for expansion into these areas. JPMorgan's revenues in the Asia-Pacific region grew last year by 47 per cent to $5 billion and net income grew by 140 per cent to $1.25 billion. Mr Abdelnour expects to grow revenues to at least $6 billion this year and earnings to $2.4 billion.