JPMorgan Chase & Co. is hiring “selectively” in China as the Wall Street bank sees a resurgence in demand from companies to sell bonds and shares in the nation, its Chinese investment banking unit head said.
“We are building business across the board, not only in investment banking, but also in corporate banking, institutional investors services, treasury services and commodities,” Fang Fang, 46, said in an interview in Beijing yesterday. “We are seeing some very interesting talents.”
The investment bank’s profit outlook for this year is “much better” as global investors’ sentiment toward companies based in the country improves, Fang told reporters yesterday. A relaxation in rules on Chinese companies seeking to raise capital overseas bodes well for the bank, Fang also said.
JPMorgan’s plans to hire in China contrast with layoffs by global banks elsewhere. The company said on Feb. 26 that firmwide headcount may fall by 4,000 in 2013, mainly via attrition, while Morgan Stanley and Barclays Plc are among financial institutions that have eliminated jobs this year in a bid to trim costs and restructure their operations.
Fang is a delegate to the Chinese People’s Political Consultative Conference, which advises the country’s legislature.
Domestic and overseas Chinese share sales slumped 46 percent to $59 billion last year, according to data compiled by Bloomberg. China’s domestic market has slowed as regulators delayed reviewing new offerings. The number of listings fell to 79 last year, compared with a record 337 in 2010, the data show.
“I do feel more positive now than this time last year,” Fang said in the interview. “We see strong demand in Chinese issuance of debt and equity.”
— With assistance by Michael Wei