JP Morgan’s Arrival Will Boost Banking Industry
Credit risk consultant and Banker, Emmanuel Akrong expects the arrival of JPMorgan Chase & Co (JPM.N) in Ghana, to improve the standard of banking service in the country.
The CEO of JPMorgan Chase & Co Jamie Dimon, revealed in an interview on Wednesday (January 26, 2018) that, the bank plans to expand its African presence into countries including Ghana and Kenya.
Mr. Dimon said the bank would target Ghana and Kenya, two countries in which local regulators have previously blocked the U.S. banking giant’s expansion plans, according to media reports at the time.
Emmanuel Akrong in an interview with Citi Business News mentioned that JP Morgan’s world class culture will help raise the standard of banking in Ghana.
“Overall the arrival of JP Morgan Chase and Co is welcome news. It’s good for the banking sector. They’re going to bring their world class customer service to Ghana. The local banks will get the opportunity to learn from their best practices to grow.”
Mr. Akrong added that the bank’s arrival will further boost the level of competition in banking industry in Ghana.
JP Morgan’s plan of expansion
The CEO, Mr. Dimon went on to explain that JP Morgan is planning to expand its branches and operations worldwide with an investment portfolio of 20 billion dollars.
The company had earlier announced that it will spend the said amount over five years.
JP Morgan Chase & Co which is one of the biggest financial services company in the world declared 96.7 billion dollars in revenue in 2016.
The company is set to raise hourly pay for a portion of its workforce, add jobs and open 400 branches in new U.S. locations.
The move, the bank explains is due to tax breaks, reduced regulation and an improved business climate in the U.S that have made it possible to make the changes.