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JPMorgan Chase (NYSE:JPM) will proceed to spice up its presence in Latin America within the subsequent few years because it expects the area’s geopolitical outlook to enhance, Reuters reported Wednesday, citing an interview with the financial institution’s chief government for Latin America and Canada.
Alfonso Eyzaguirre stated political shifts to new left-leaning governments will not dissuade the corporate from its plans as he would not see short-term volatility affecting long-term prospects.
Latin America stands to revenue from some world shifts, he stated. As an example, Mexico, stands to profit from nearshoring tendencies.
“One instance is the rise of international direct funding fueled by nearshoring, the switch of a part of manufacturing from China to Latin America to climate provide chain disruptions because the COVID pandemic,” he stated.
JPMorgan (JPM) has been growing headcount and new providers for company purchasers in Latin America, to ~6,200 staff within the area this yr from 4,750 in 2020.
In its retail arm, the Wall Road financial institution has operations in Brazil, with its 40% stake in C6 Financial institution. “We selected Brazil because of the dimension of the inhabitants, excessive web utilization, in addition to central financial institution laws already tailored to fintechs,” Eyzaguirre stated.
Earlier this month, JPMorgan (JPM) stated it is opening a brand new workplace in Athens, Greece, that may home a brand new Funds Innovation Lab.
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