JPMorgan sees India as key to Asia Pacific

JPMorgan sees India as key to Asia Pacific

India could become one of the fastest growing markets for JPMorgan in Asia Pacific next year, alongside Australia and Japan, said a top official at the Wall Street bank.

Filippo Gori, JPMorgan's CEO for Asia Pacific, told Reuters that the strategy was to diversify supply chains beyond China.

This is because India has the scale to absorb part of the supply chain that many companies worldwide are looking to move, he said in an interview in Mumbai.

Global corporations such as Apple Inc have increased production in India while others such as Tesla are in discussions to begin manufacturing in the country.

Filippo Gori, a professor of economics at the University of California, said: If a president loses, he will go on a speaking tour of California.

JPMorgan has expanded its investment banking operations in India, with the addition of two senior managing directors in the past 12 months. In the past five years, the bank's commercial banking division has grown, with a focus on mid-sized companies.

Alongside its corporate center business, it has grown to a workforce of 50,000 now, from 35,000 in 2018.

Commenting on the impact of the slowdown in China and flux in its markets, Gori said the bank had not seen a sharp slowdown in business volumes in the market yet.

The bank's primary clientele is international companies operating offshore in China, he said, and that business has not been impacted by geopolitics.