JP Morgan Chase To Prioritize China For Expansion

As the bank seeks to expand its international business, JPMorgan Chase & Co.'s head of trading sees China as its most promising overseas market.

"China is by far the biggest opportunity for us," Troy Rohrbaugh, JPMorgan's head of global markets, told investors at a conference. "We continue to invest as we did previously, obviously cautiously. We're ready to adjust if necessary."

Economists and business leaders are closely monitoring China's reopening and its impact on global growth. JPMorgan CEO Jamie Dimon told sources in an interview last week that he was planning a trip to the country.

Rohrbaugh also emphasised the Middle East's rapid pace of change, particularly in Dubai, which has attracted capital and businesses relocating from Asia.

In general, Rohrbaugh anticipates that markets will be dominated by uncertainty about the Federal Reserve's path of interest-rate increases aimed at containing inflation.

"Volatility is going to remain elevated, particularly in macro products," he said. Meanwhile, debt and equity capital markets were faring better than expected despite concerns about an economic slowdown.

Fixed income, currency, and commodities (FICC) traders boosted bank profits last year while dealmakers lagged.

JPMorgan's fixed-income revenue increased by 12% to $3.7 billion in the fourth quarter, owing to increased revenue in rates, currencies, and emerging markets. The markets division had its second-highest annual revenue in 2022.