JPMorgan Chase Targets Swiss Corporate Banking Expansion and Blockchain Innovation

JPMorgan Eyes Market Share Gains In Swiss Corporate Banking - JPMorgan Chase (NYSE:JPM)

The bank expects to onboard Swiss customers to its blockchain platform within the next few months. JPMorgan Chase & Co. JPM aims to expand its Swiss corporate banking business and plans to leverage blockchain services to attract new clients. The company currently has over two dozen active customer relationships and plans to significantly expand in this segment, reported Reuters. Lutz Karl, who heads the bank's business with major corporate clients in Germany, Switzerland and Austria, is also aiming for market share gains in the trade financing business. He stated, "We're also having a lot of discussions on the subject in Switzerland, and expect to bring the first customers onto the platform in the next few months." Also Read: JPMorgan Shares Tumble After COO Throws Cold Water On Analyst Outlook "Blockchain technology was presenting opportunities for growth in cash management via payment transactions." Karl said that JPMorgan aims to expand its position within three to five years. On Wednesday, J.P. Morgan Payments introduced new and enhanced product integrations with the Oracle Corporation ORCL ecosystem, aimed at simplifying and streamlining payments across treasury, trade, and commerce for clients. Investors can gain access to the stock via iShares U.S. Financial Services ETF IYG and SPDR Select Sector Fund - Financial XLF. Price Action: JPM shares are up 0.08% at $207.40 premarket at the last check Thursday. Read Next: JPMorgan CEO Jamie Dimon Said He'd 'Fire In A Second' Anyone Caught Trading Bitcoin When It Was At $4,000. 7 Years Later, The Investment Bank Holds Positions In Spot ETFs Tracking The Apex Crypto Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors. Image: Shutterstock Market News and Data brought to you by Benzinga APIs

JPMorgan Chase eyeing Swiss corporate business gains, blockchain boost

With just over 10 people on site, JPMorgan serves around 60 large companies in Switzerland. JPMorgan Chase wants to grow its Swiss corporate banking business and hopes to use blockchain services to help gain clients, an executive at the US bank said. "We're ambitious and want to gain market share," Lutz Karl, who heads the bank's business with major corporate clients in Germany, Switzerland and Austria, told Reuters in an interview. Click here to connect with us on WhatsApp One of the leading foreign banks in Switzerland alongside peers including Deutsche Bank, Citigroup, HSBC and BNP Paribas, JPMorgan has given itself three to five years to expand its position, he said. The disappearance of Credit Suisse, which after collapsing last year was taken over by its long term rival UBS, has opened doors for competitors in some areas, said Karl. "Many companies reacted relatively early. When the first warning signals were heard, they started to shift their liquidity to other banks. We felt that back then," he said. "But I wouldn't call it a big bang." More From This Section US Fed likely to start long-awaited interest-rate cuts from Sep 17 meet IBM shares near record level as company shifts focus to software, AI Could combine potential with China if face threat from US, says Russia US banks share fall on warnings of slower-than-anticipated recovery US consumer prices rise 0.2% in Aug, underlying inflation shows stickiness With just over 10 people on site, JPMorgan serves around 60 large companies in Switzerland, including all 20 companies in the SMI blue chip index, offering cash management, risk management and bond financing in its corporate banking business. Among small and medium-sized enterprises the bank has over two dozen active customer relationships and will continue to grow significantly in the segment, said Karl. Blockchain technology was presenting opportunities for growth in cash management via payment transactions, he added. In Germany, companies including Siemens are already using JPMorgan's blockchain services to move money around the globe in real time, the executive noted. "We're also having a lot of discussions on the subject in Switzerland, and expect to bring the first customers onto the platform in the next few months," said Karl, who is also aiming for market share gains in the trade financing business. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.) Also Read Pvt hospitals expand tele-ICUs network as critical care demand grows JP Morgan raises odds of US recession by year end to 35% from 25%: Report Budget 2024 is an economists' Budget, says Citigroup MD Samiran Chakraborty Navi Finserv closes $38 mn personal loan securitisation deal with JP Morgan Navi Finserv closes $38 mn personal loan securitisation deal with JP Morgan