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JPMorgan to Cater to Banking Needs of Mid-Sized Firms Abroad
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Per an article by Bloomberg, JPMorgan Chase & Co. (JPM - Free Report) is planning to strengthen foothold outside the United States by catering to the banking needs of mid-sized companies and supporting their expansion globally.
Citing people not wanting to be identified, Bloomberg reported that the Wall Street biggie is seeking to employ more bankers in in Mexico, France, Spain and the U.K to carry on with the strategy.
Previously, in 2005, the company had undertaken a similar expansion move led by Todd Maclin, the former chief executive officer of JPMorgan’s commercial bank. However, it remained successful in capturing the market of local subsidiaries of U.S. companies abroad and not the foreign firms in those regions.
Last month, JPMorgan appointed Rafael Calderon, a former Barclays (BCS - Free Report) employee, to build corporate-client banking in Mexico.
The company is seeking to imitate its Mexico growth plans in some of the European countries, However, the efforts taken in this direction are at initial stages, per the people. JPMorgan might also expand in Asia, provided the strategy works out well elsewhere.
JPMorgan has long been dealing with large multinationals outside the United States with minimal focus on smaller companies. As a result, revenues from international banking made up about 4% of the commercial bank’s total revenues in 2017, per its annual filing.
Further, JPMorgan in its investor day presentation held in February 2018 said that it is targeting to generate international revenues of $500 million annually in the commercial bank, over the next five years.
Currently, JPMorgan is undergoing lots of restructuring moves to bolster its core operations. With an aim to fulfill promises made by CEO Jamie Dimon, JPMorgan is likely to launch a new online investing service — You Invest — that would allow users to access stock research and conduct about 100 trades yearly, free of cost. (Read More: JPMorgan to Increase Competition by Offering Free Trades)
Shares of JPMorgan have gained 7.3% so far this year, outperforming 1.8% growth of the industry.
A couple of better-ranked stocks in the same space are M&T Bank Corporation (MTB - Free Report) and Northern Trust Corporation (NTRS - Free Report) , both carrying a Zacks Rank #2 (Buy).
M&T Bank’s current-year earnings estimates have been revised 2.4% upward over the last 60 days. Further, its shares have rallied 14.8% in a year.
The Zacks Consensus Estimate for Northern Trust has been revised nearly 3% upward for the current year over the last 60 days. Its share price has witnessed a 19.6% increase over the past year.
5 Medical Stocks to Buy Now
Zacks names 5 companies poised to ride a medical breakthrough that is targeting cures for leukemia, AIDS, muscular dystrophy, hemophilia, and other conditions.
New products in this field are already generating substantial revenue and even more wondrous treatments are in the pipeline. Early investors could realize exceptional profits.
Image: Bigstock
JPMorgan to Cater to Banking Needs of Mid-Sized Firms Abroad
Per an article by Bloomberg, JPMorgan Chase & Co. (JPM - Free Report) is planning to strengthen foothold outside the United States by catering to the banking needs of mid-sized companies and supporting their expansion globally.
Citing people not wanting to be identified, Bloomberg reported that the Wall Street biggie is seeking to employ more bankers in in Mexico, France, Spain and the U.K to carry on with the strategy.
Previously, in 2005, the company had undertaken a similar expansion move led by Todd Maclin, the former chief executive officer of JPMorgan’s commercial bank. However, it remained successful in capturing the market of local subsidiaries of U.S. companies abroad and not the foreign firms in those regions.
Last month, JPMorgan appointed Rafael Calderon, a former Barclays (BCS - Free Report) employee, to build corporate-client banking in Mexico.
The company is seeking to imitate its Mexico growth plans in some of the European countries, However, the efforts taken in this direction are at initial stages, per the people. JPMorgan might also expand in Asia, provided the strategy works out well elsewhere.
JPMorgan has long been dealing with large multinationals outside the United States with minimal focus on smaller companies. As a result, revenues from international banking made up about 4% of the commercial bank’s total revenues in 2017, per its annual filing.
Further, JPMorgan in its investor day presentation held in February 2018 said that it is targeting to generate international revenues of $500 million annually in the commercial bank, over the next five years.
Currently, JPMorgan is undergoing lots of restructuring moves to bolster its core operations. With an aim to fulfill promises made by CEO Jamie Dimon, JPMorgan is likely to launch a new online investing service — You Invest — that would allow users to access stock research and conduct about 100 trades yearly, free of cost. (Read More: JPMorgan to Increase Competition by Offering Free Trades)
Shares of JPMorgan have gained 7.3% so far this year, outperforming 1.8% growth of the industry.
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 couple of better-ranked stocks in the same space are M&T Bank Corporation (MTB - Free Report) and Northern Trust Corporation (NTRS - Free Report) , both carrying a Zacks Rank #2 (Buy).
M&T Bank’s current-year earnings estimates have been revised 2.4% upward over the last 60 days. Further, its shares have rallied 14.8% in a year.
The Zacks Consensus Estimate for Northern Trust has been revised nearly 3% upward for the current year over the last 60 days. Its share price has witnessed a 19.6% increase over the past year.
5 Medical Stocks to Buy Now
Zacks names 5 companies poised to ride a medical breakthrough that is targeting cures for leukemia, AIDS, muscular dystrophy, hemophilia, and other conditions.
New products in this field are already generating substantial revenue and even more wondrous treatments are in the pipeline. Early investors could realize exceptional profits.
Click here to see the 5 stocks >>