US banking giant JP Morgan Chase & Co plans to boost its private banking business headcount in Asia by more than 100 this year, according to Reuters.
The report said that the hiring spree is part of a push to grab a bigger share of the region’s wealth.
About a fifth of the hires will focus on clients in mainland China.
JP Morgan is eyeing China’s wealthy individuals in economy sectors such as tech, biotech, and electric vehicles.
A spokesperson for JP Morgan Private Bank declined to comment.
This news comes at a time when global wealth management giants Credit Suisse, HSBC and Citi have been ramping up headcount in Asia.
