JPMorgan to double private bankers in Singapore to serve wealthy mainland Chinese

JPMorgan is planning to double the number of private bankers in Singapore in a bid to tap growth from Asia's second-largest wealth market. The bank aims to carry out this expansion drive over the next two years, James Wey, the new head of Southeast Asia private banking of JPMorgan, said in an interview with Bloomberg. The Singapore team currently covering wealthy Chinese - the latest addition to the business set up less than two years ago - is comprised of 12 relationship managers. The overall Singapore unit houses over 50 relationship managers and has traditionally covered local and ...