JPMorgan is hiring capital markets bankers at the junction of two business sectors generating the loudest buzz these days: China and green energy.
Anticipating a surge in "green IPOs", the bank will expand its "new energy" team in China, its chief executive there tells Reuters:
Fang Fang, JPMorgan's China CEO, predicts that more new energy and natural resource companies will go public as they seek to fund their rapid expansion, and there could be more consolidation among wind and solar power suppliers, creating a potentially lucrative advisory fee stream for bankers.
Technology, property and consumer sectors remain active, adds Fang. And he says JPMorgan's ambitions in China extend beyond investment banking to "something like corporate banking, asset management, commodities and carbon trading." The bank aims to establish a securities joint venture in China as soon as possible, following in the footsteps of major rivals such as Goldman Sachs and UBS. Last week, Fang submitted a proposal to Beijing to establish a domestic carbon trading exchange.
In addition to the JPMorgan role that he's held since 2007, he is also a delegate to the CPPCC, China's top political advisory body.
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