Global investment bank JPMorgan Chase & Co. (NYSE: JPM) plans to boost the headcount in its private banking business in Asia by more than 100 this year, Reuters reported.
Despite stringent regulations, China is one of the fastest-growing wealth markets worldwide. Therefore, one-fifth of total new hires by the bank are expected to focus on clients in mainland China.
According to the source, the bank expanded aggressively in Asia in 2021 with 42 new Hong Kong-based employees catering to clients in China, bringing the total number of mainland staff to 80.
Currently, JPMorgan is focused on wealthy individuals in new economic sectors, including tech, biotech, and electric vehicles. The bank is targeting individuals with a minimum of $25 million in investable assets.
Wall Street’s Take
Yesterday, Jefferies analyst Ken Usdin maintained a Buy rating on the stock but lowered the price target to $192 (14.75% upside potential) from $198.
The rest of the Street is cautiously optimistic about the stock, with a Moderate Buy consensus rating based on 11 Buys, 4 Holds, and 2 Sells. The average JPMorgan price target of $180.80 implies 8.06% upside potential. Shares have gained 22.2% over the past year.
JPMorgan is expected to release its upcoming earnings report for the fourth quarter of 2021 on January 14.
Bloggers Weigh In
TipRanks data shows that financial blogger opinions are 92% Bullish on JPM, compared to a sector average of 71%.
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