JPMorgan Chase & Co plans to expand its
African presence into countries including Ghana and Kenya, Chief Executive, Jamie Dimon, said in an interview on a
few days ago.
“You’ll see us open in some countries we are not in, in Africa
you’ll be hearing about some of that stuff,”
Dimon told Bloomberg Television on the sidelines of the World Economic Forum meeting in Davos, Switzerland.
Dimon
said the bank would target Ghana and
Kenya, two countries in which local
regulators have previously blocked the U.S. banking giant’s expansion plans,
according to media reports at the time.
The
announcement follows JPMorgan’s unveiling of a $20 billion investment plan which will see it hike wages, hire
more, and open new branches as it takes advantage of sweeping changes to U.S.
tax law and a more favorable regulatory environment.
The
five-year plan will see the U.S. bank ramp up overseas investment in addition
to its domestic growth plans, after it finished cleaning up troubled mortgages
following the 2007-09 financial crisis. (Reuters)
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