JPMorgan’s faith in Hong Kong as financial hub as strong as ever a century on, COO Daniel Pinto says

Pinto declined to specify the bank’s headcount in Hong Kong and on the mainland.

Good returns led to further investments across the board, in areas such as payment products, retail business, digital retail outside the United States, and wealth management.

But there is still room to grow, according to Pinto, because the bank’s mainland business is clearly “disproportionate” to the size of mainland China’s economy, he said, adding that Hong Kong will continue to be part of the growth.

“The potential for growth in China is significant, if it is possible to monetise,” he said. “[Hong Kong’s government] needs to maintain the environment to continue to be a global financial centre in the world and create an environment for foreign companies and local companies to continue to evolve.”

To mark its centenary, JPMorgan is organising a year-long calendar of events for its staff and customers, culminating in a 5.6-kilometre charity run on November 21 at the West Kowloon cultural district.

The activities in Hong Kong coincide with the local government’s efforts to woo international investors back to the city by hosting three major events this month, including the Wealth for Good in Hong Kong Summit, and the inaugural One Earth Summit.

JPMorgan has no plans to back out because of geopolitical tensions, according to Pinto.

“[Geopolitical] tensions go up and down, based on how much dialogue there is or there isn’t. When Biden and Xi met in San Francisco and agreed on military dialogue and the importance of the commercial relationship between the countries then the tension went down,” he said.

The company plans to continue to be strategically invested in China, because you cannot “ignore the second biggest economy in the world. Because for any company and in any industry, once you’re out, it’s very difficult to go back in,” said Pinto.