JP Morgan has inked commercial agreements with its current partners of securities and asset management ventures in China. Credit: Denys Nevozhai on Unsplash.

JP Morgan Chase & Co has reportedly applied to take 100% ownership in its China securities venture as part of its expansion strategy in the country.

The bank has inked commercial agreements with its current partners of securities and asset management ventures, Bloomberg reported citing JPMorgan China CEO Mark Leung.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

As part of the move, JPMorgan is ramping up its hiring in China.

The bank is raising its staffing about 16% to 17% a year, Leung told the news agency.

He also said that the bank is looking to take full ownership of the ventures as soon as possible.

“We already have one of the most complete, probably the most complete foreign setup” in China, Leung added.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

In March this year, reports suggested that the asset banking arm of banking giant JPMorgan is taking a 10% stake in the wealth management unit of China Merchants Bank.

Besides JP Morgan, a number of foreign banks, including US-based investment giant Goldman Sachs, is also pushing to take its holdings in Chinese ventures towards full control.

Last month, Goldman received an initial regulatory nod in the country for a wealth management joint venture with Industrial and Commercial Bank of China.

JPMorgan wealth and asset division’s acquisitions plans

The asset and wealth management division of JPMorgan is reportedly exploring acquisition opportunities.

JP Morgan Chase & Co head of asset and wealth management Mary Erdoes revealed that the bank is looking at potential deal opportunities, according to a Reuters report.

The JP Morgan asset & wealth management (AWM) division focus on institutional client investments and private banking.

According to Erdoes, the unit has considered a few possible deals and the bar for an acquisition is high.

Erdoes also said that lending at the private bank has jumped 17% so far this year from 2020. She was speaking at a virtual conference hosted by Deutsche Bank.

JP Morgan AWM arm embarked on the road to recovery in Q1 2021, reporting an 86% surge in net income and a 20% increase in net revenue.

The unit’s net income for the three-month period ending March 2021 stood at $1.24bn, versus $669m a year ago.