J.P. Morgan will meet its goal of hiring at least 300 bankers in its global corporate bank unit a year ahead of schedule, according to Businessweek, which reports that the business has grown faster than expected. The goal is expected to be reached by the end of 2012 and has already expanded to 250 employees from 100 since 2009.
J.P. Morgan's Corporate Banking unit will have a third of its people in Asia, a third in North America and the rest in Latin America, Europe, the Middle East and Africa.
The division will focus on offering services to foreign companies operating in developing markets and local firms with overseas ambitions, according to Gregory Guyett, the unit's London-based CEO. He was previously the Tokyo-based president and CEO of J.P. Morgan Securities Japan Co. and senior country officer in Japan. Muhammad Aurangzeb is CEO for the division's Asian operations.
"We're not in business to compete with local banks that have the ability to raise money very cheaply, have huge networks across China," Guyett told Businessweek. "That's not our target market."
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