JPMorgan Chase is launching a global business aimed at selling loans and commercial banking services to multinational corporations, pitting the US bank against Citigroup and HSBC.
The creation of a global corporate banking unit, which has not been announced, will see JPMorgan invest significant resources and hire hundreds of bankers in a bid to win a bigger slice of international business.
People close to the situation said that the new business, which will sell products ranging from loans and commodities trading to cash management services, would initially focus on fast-growing economies such as China, India and Brazil.
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