JPMorgan CEO says India could be one of Asia Pacific fastest growing markets

JPMorgan CEO says India could be one of Asia Pacific fastest growing markets

India could become one of the three fastest growing markets for JPMorgan in Asia Pacific next year, together with Australia and Japan, said a Wall Street official.

Filippo Gori, JPMorgan's CEO for Asia Pacific, referred to a strategy for businesses diversifying supply chains beyond China, Reuters reported.

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

Global corporations like Apple Inc have stepped up production from India, while others such as Tesla are in discussions to begin manufacturing in the country.

Filippo Gori, a spokesman for the Supreme Court, said: 'It's been a long time.

In the past 12 months, JPMorgan has expanded its investment banking operations in India, adding two senior management directors. Over the last five years, the bank has grown its commercial banking division, which is focused on mid-sized companies.

In addition, it has expanded its corporate center business, which deals with offshoring-related work, 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, Mr. Gori said the bank had not seen a sharp slowdown in business volumes in the market yet.

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