JPMorgan Chase & Co. is seeking to do more business with midsize companies abroad, expanding in a market that's traditionally dominated by local banks, according to people briefed on the matter.
The company is planning to hire bankers in Mexico, France, Spain, and the U.K. to build out teams for its commercial bank, which has typically focused on U.S. companies, said one of the people, who asked not to be identified because the plans are private. The goal is to deepen relationships with non-U.S. companies in their home cities and help them expand globally, the people said.
The shift builds on an international strategy first devised by Todd Maclin, the former CEO of JPMorgan's commercial bank, which offers deal advice, treasury services, and lending to companies that make up to $2 billion in revenue. Maclin created a team in 2005 to help midsize U.S. companies establish subsidiaries around the world. Led by Morgan McGrath, the international bankers have historically only covered the local subsidiaries of U.S. companies abroad and not the foreign firms in those areas, one person said.
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Meg Waters
Meg Waters is the editor in chief of Treasury & Risk. She is the former editor in chief of BPM Magazine and the former managing editor of Business Finance.
