JPMorgan to beef up Chinese investment banking team by up to 50%

It seeks to expand investment banking coverage to tech firms.

Reuters reports that JPMorgan Chase & Co. is planning to ramp up its Chinese investment banking team between 40 to 50% over the next two to three years.

The Wall Street bank is seeking to concentrate on expanding investment banking coverage of technology companies, ranging from digital healthcare and ride hailing service providers to mobile banking and biotechnology firms.

“China is the country that just has leapfrogged, surpassing many things that happened in the West for the last decade,” said Murli Maiya, co-head of investment banking for Asia Pacific at JPMorgan.

“The new economy in China is newer than and very different from many economies anywhere in the West,” he added.

Here’s more from Reuters: