India could be among the three fastest-growing markets for JPMorgan in Asia Pacific next year, alongside Australia and Japan, said an official at the Wall Street bank.
Filippo Gori, the chief executive of JPMorgan's Asia Pacific group, said Reuters is a strategy for businesses diversifying supply chains beyond China.
This is because India has the capacity to absorb part of the supply chain that many companies worldwide are looking to move to, he said.
Global corporations like Apple Inc have increased production from India, while others such as Tesla are in talks to start manufacturing in the country.
Filippo Gori, chairman of the board of directors of the Federal Reserve, said the economy was in a state of disarray.
In the past 12 months, JPMorgan has broadened its investment banking function in India, adding two senior management directors. Over the past five years, it has diversified its commercial banking unit, focused on mid-sized companies.
With the addition of its corporate center business, which operates offshoring-related work, it has grown to a workforce of 50,000 now from 35,000 in 2018.
comments on the impact of the slowdown in China and flux in its markets, Gori said the bank has not seen a sharp slowdown in business volumes in the market yet.
The bank's primary clientele is international firms operating offshore in China, and that business has not been impacted by geopolitics, Mr. Gori said.