JPMorgan Says ‘Fun to Be the Disrupter’ in Overseas Growth Push
(Bloomberg) -- JPMorgan Chase & Co. is betting recent fintech deals will drive an expansion of its consumer business overseas -- even as rival firms bring operations closer to home.
The bank has previously shied away from adopting a branch-based strategy abroad, but now sees an opportunity to increase its international footprint digitally. The New York-based firm recently acquired U.K. digital wealth manager Nutmeg Saving and Investment and agreed to buy a 40% stake in C6 Bank of Brazil.
“It’s kind of fun to be the disrupter,” Chief Financial Officer Jeremy Barnum told analysts during a conference call Tuesday. “Being in a place where we are actually the outsider disrupting through these kind of digital channels, we see it among other things in addition to being compelling financially as a really good opportunity to learn and to challenge ourselves a little bit from the inside.”
Chief Executive Officer Jamie Dimon added that the company wants to link new businesses with existing ones worldwide, and that the firm has the “patience and time” to determine if it can build an overseas operation that differs from what it offers in the U.S.
The optimism around international opportunities contrasts with moves made by other major lenders. Citigroup Inc., long regarded as the U.S. bank with a big overseas presence, is eying a sale of retail operations in 13 markets across the Asia-Pacific region, Europe and the Middle East. And in May, London-based HSBC Holdings Plc agreed to sell 90 U.S. branches as it looks to focus on wealthy clients and steers billion of dollars in capital towards Asia.
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