We use cookies to understand how you use our site and to improve your experience.
This includes personalizing content and advertising.
By pressing "Accept All" or closing out of this banner, you consent to the use of all cookies and similar technologies and the sharing of information they collect with third parties.
You can reject marketing cookies by pressing "Deny Optional," but we still use essential, performance, and functional cookies.
In addition, whether you "Accept All," Deny Optional," click the X or otherwise continue to use the site, you accept our Privacy Policy and Terms of Service, revised from time to time.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
JPMorgan Expands in Dubai, Eyes More Business With Mid-Cap Firms
Read MoreHide Full Article
Key Takeaways
JPMorgan is expanding in Dubai to boost business with venture-capital-backed midcap firms.
JPM shifted veteran banker Tushar Arora from London to lead its new Dubai midcap team.
The move adds to JPM's broader global push into midcaps, including efforts in Austria and Poland.
In an effort to do more business with medium-sized companies, JPMorgan (JPM - Free Report) is expanding in Dubai, as reported by Reuters. The move by JPM comes at a time when various global financial firms are launching operations in the Middle East to access oil wealth and take advantage of the region’s growing markets.
As part of this move, JPMorgan has shifted Tushar Arora, a banker who has been with the U.S. lender for more than 10 years, from London to Dubai, to lead the new team focused on venture capital-backed midcap companies.
JPMorgan’s Dubai expansion is part of a broader global strategy as targeting mid-cap companies will open up an additional revenue stream for the U.S. lender beyond its traditional focus on large blue-chip corporates. Recently, JPM dedicated more resources for the coverage of midcaps in Austria and Poland. Also, the bank is considering a similar mid-cap expansion in Turkey.
Stefan Povaly, the co-head of JPM’s corporate banking for EMEA, said, “There's a global focus on doing more in the midcap space. The Middle East is of course a priority ... This is the first step for an expansion into the midcap space.”
By expanding in Dubai, JPM is giving competition to its close peer Citigroup (C - Free Report) , which already has a long-standing presence in the UAE. Alex Stiris, the head of Citigroup’s commercial banking in EMEA, said, “We have seen more competition come into the UAE. Obviously, the more competition, the more we have to be on our tiptoes. So it worries me to some extent.” Notably, last month, Citigroup opened its new regional headquarters at Kingdom Tower in Riyadh, marking a major step in its regional expansion strategy.
JPMorgan’s Price Performance & Zacks Rank
Over the past six months, shares of JPM have gained 12.7% compared with the industry’s growth of 15.9%.
A better-ranked stock from the same space is Morgan Stanley (MS - Free Report) , which currently sports a Zacks Rank of 1. Shares of MS have gained 23.8% in the past six months. Earnings estimates for Morgan Stanley for the current year have been revised higher over the past 30 days.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
JPMorgan Expands in Dubai, Eyes More Business With Mid-Cap Firms
Key Takeaways
In an effort to do more business with medium-sized companies, JPMorgan (JPM - Free Report) is expanding in Dubai, as reported by Reuters. The move by JPM comes at a time when various global financial firms are launching operations in the Middle East to access oil wealth and take advantage of the region’s growing markets.
As part of this move, JPMorgan has shifted Tushar Arora, a banker who has been with the U.S. lender for more than 10 years, from London to Dubai, to lead the new team focused on venture capital-backed midcap companies.
JPMorgan’s Dubai expansion is part of a broader global strategy as targeting mid-cap companies will open up an additional revenue stream for the U.S. lender beyond its traditional focus on large blue-chip corporates. Recently, JPM dedicated more resources for the coverage of midcaps in Austria and Poland. Also, the bank is considering a similar mid-cap expansion in Turkey.
Stefan Povaly, the co-head of JPM’s corporate banking for EMEA, said, “There's a global focus on doing more in the midcap space. The Middle East is of course a priority ... This is the first step for an expansion into the midcap space.”
By expanding in Dubai, JPM is giving competition to its close peer Citigroup (C - Free Report) , which already has a long-standing presence in the UAE. Alex Stiris, the head of Citigroup’s commercial banking in EMEA, said, “We have seen more competition come into the UAE. Obviously, the more competition, the more we have to be on our tiptoes. So it worries me to some extent.” Notably, last month, Citigroup opened its new regional headquarters at Kingdom Tower in Riyadh, marking a major step in its regional expansion strategy.
JPMorgan’s Price Performance & Zacks Rank
Over the past six months, shares of JPM have gained 12.7% compared with the industry’s growth of 15.9%.
Image Source: Zacks Investment Research
Currently, JPMorgan carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
A better-ranked stock from the same space is Morgan Stanley (MS - Free Report) , which currently sports a Zacks Rank of 1. Shares of MS have gained 23.8% in the past six months. Earnings estimates for Morgan Stanley for the current year have been revised higher over the past 30 days.