JPMorgan expanding in China after key approval

FAN Editor

JPMorgan won approval to expand operations in China.

Continue Reading Below

Ticker Security Last Change Change %
JPM JP MORGAN CHASE & CO. 138.04 -0.14 -0.10%

On Wednesday, the China Securities Regulatory Commission approved a securities and futures business permit for J.P. Morgan Securities China Company Limited which will allow the company to begin operations.

JPMORGAN CEO DIMON OPTIMISTIC ABOUT 2020 ECONOMY

“JPMorgan Chase is very pleased to have established our majority-owned securities company in China. We will continue to invest in and fully support our business in the country, which has become a critical market for many of our domestic and global clients,” said Jamie Dimon, Chairman and CEO of JPMorgan Chase in the announcement.

The company will offer services and products for both Chinese and international customers including; securities brokerage, investment advisory and underwriting.

GET FOX BUSINESS ON THE GO BY CLICKING HERE

“The establishment of our new securities company further strengthens J.P. Morgan’s domestic platform and our on-shore capabilities at a time when China’s financial markets continue to evolve and the requirements of our clients continue to develop,” said Mark Leung, CEO of J.P. Morgan China in the same statement.

TRUMP ADVISOR HINTS AT MORE TRADE DEALS

Nomura is also operating a similar venture, while Goldman Sachs applied in August, as reported by The Financial Times.

Ticker Security Last Change Change %
GS GOLDMAN SACHS GROUP INC. 230.45 -0.70 -0.30%

The approval comes as the U.S. and China agreed upon phase one of a trade deal which could be signed as early as January, said White House Advisor Larry Kudlow earlier this week.

CLICK HERE TO READ MORE ON FOX BUSINESS

Free America Network Articles

Leave a Reply

Next Post

Fox Business Live Studio Audience

Want to join our upcoming Town Hall? Sign up for a chance to join our Town Hall. All applicants must be 18 or older and live in the United States. Terms and conditions apply and will be explained if we contact you. Thanks for entering! Please fill out all required […]