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JPMorgan to boost Asia private banking

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According to two people with direct knowledge of the situation, JPMorgan Chase & Co (JPM.N) wants to increase its private banking unit staff in Asia by more than 100 this year, joining its peers in a bid to capture a larger portion of the region’s wealth.

According to the people, about a fifth of the firm’s new hiring would focus on clients in mainland China, which is one of the world’s fastest growing wealth markets despite an unprecedented regulatory crackdown that has harmed the country’s economic prospects.

According to one of the individuals, the Wall Street bank has already aggressively grown in Asia in 2021, with 42 new joiners stationed in Hong Kong covering mainland clients, raising the total number of workers on its mainland China team to 80.

According to the source, JPMorgan is targeting China’s wealthy individuals in new economy areas such as IT, biotech, and electric vehicles, with Alibaba Group (9988.HK) founder Jack Ma among its private banking clients in China.