How is business in India? Has India improved in revenue ranking?
India has moved up in the rankings over the years, and is among the top three in the region. India is a beneficiary of certain macro trends, which will make the country a huge revenue pool for us. We try to grow faster than GDP by increasing our share in business. For example, payments is a business that is growing exponentially. We think we are on the cusp of a potential bull run given some of these broad trends – China plus one, growth of the services sector and growth in the payments business.
Have you increased your presence in India? Will you be hiring more people?
The importance of India has increased tremendously in the last decade. We have grown our presence in three centers with approximately 50,000 people and we will continue to invest. India has a pool of talented people and is a provider of high quality jobs. The pandemic has accelerated the idea that technology allows us to do things differently from the way we used to think about it. Originally primarily having support offices, Indian companies are now providing world-class services and innovation through technology, design algorithms, legal and risk departments and finance departments.
Some multinational banks have pulled out of India…
While can’t comment on what others are doing, the global model is becoming more dominant in people’s minds as far as wholesale banking is concerned. It’s a different story when it comes to consumer banking, and that’s where you have more local champions than global ones. However, digital banking is providing JPMorgan Chase with overseas opportunities. We launched Chase Digital Bank in the UK, which is proving to be a success.
will you have digital-only Consumer Bank in Asia?
We are looking at the rest of the world and which other countries and regions would make sense, including Asia, which has a higher digitization quotient ratio. You can certainly think of India, hong kong and Australia.
Corporate default swap prices have been volatile recently Adani Group in the international market. Does such volatility affect investor interest in Indian paper?
While I won’t comment on specific companies’ pricing cds Often linked to technical factors, and I wouldn’t necessarily read too much into it and I don’t think India has been suffering because of that.