JPMorgan is set to expand in Latin America, with a particular focus on Mexico, supported by wealth creation and political overhaul.
The bank intends to raise its frontline private banker headcount in Latin America by 15%, the unit’s CEO Adam Tejpaul said in an interview, according to Reuters.
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“Mexico has had a lot of wealth creation and the number of wealthy individuals has increased materially,” Tejpaul was quoted as saying by the publication.
Of the bank’s 450 staff currently based in the region, majority are said to serve as client advisers.
The bank’s immediate focus will be on Mexico, Argentina and Colombia, Tejpaul stated.
Apart from these three countries, the bank also has reach in Brazil, Chile, Peru and Venezuela.
According to Tejpaul, the rise in the number of employees in the region could in turn increase the bank’s client base by 20%.
“If we think of Latin America as a whole, there is a lot of volatility in the capital market and political instability,” Tejpaul noted.
Additionally, Tejpaul said that the bank is keen on expanding its service offering to include services such as tax planning.
Earlier this month, JPMorgan posted its fourth quarter results. The bank’s Asset & Wealth Management unit reported a net income of $604m during the period, down 8% from $654m a year ago.
