India’s Thriving Market Attracts JPMorgan; Global Giant Ups the Ante

India IPO

Updated Sep 25, 2024

"There is a substantial opportunity for India from the shift in supply chains from China, though the transition will take years as firms navigate the complexities of relocating operations," said JPMorgan CEO Jamie Dimon in an interview with CNBC-TV18.

India’s Thriving Market Attracts JPMorgan; Global Giant Ups the Ante

JPMorgan Chase & Co. is set to expand its operations in India, where investor confidence remains robust, according to its senior executives during their visit to the country.

“There’s certainly been a surge of activity making India a very exciting place to have a large team,” stated Filippo Gori, JPMorgan's co-head of global banking, in an interview with Bloomberg Television. He highlighted that deal activity involves "global clients entering the market, local clients operating within the country, and local clients aspiring to international ambitions," emphasizing India's position as JPMorgan's second-largest employee base after the US.

Gori noted significant transactions in healthcare and artificial intelligence, with the themes of “India for India” and “India for the world” driving substantial deal-making. JPMorgan aims to expand its services for clients and enhance global support resources, he added.

JPMorgan CEO Jamie Dimon, in a separate interview with CNBC-TV18, stated that India stands to benefit significantly from the shift in supply chains away from China, although this transition will take years due to the complexities involved in relocating operations. "You’re talking about 5, 10, 15 years. So even if it’s going to happen, it will take a long time," Dimon remarked.

Gori also mentioned that China’s recent stimulus measures have sparked some optimism, but investors are likely to wait until after the US elections to re-engage with the mainland. Despite China’s central bank implementing an unprecedented policy support blitz following downgrades by Wall Street banks, restoring confidence will take time. “From my perspective, rebuilding consumer confidence among the local Chinese is more crucial long-term than just creating a stimulus for foreign investors,” Gori commented.

Max Neukirchen, JPMorgan’s global payments co-head, highlighted India as a “trendsetter” in global payments with its Unified Payments Interface (UPI). “The future of payments globally is being shaped out of India,” Neukirchen said, noting that UPI has fostered a robust ecosystem of fintech companies, innovations from which JPMorgan plans to introduce to the world.