JP Morgan Chase & Co (NYSE: JPM) Chief Executive Jamie Dimon outlined plans to expand the second-largest U.S. bank’s investment and private banking division in his annual letter to shareholders.
The company will use 2010 to expand its prime services business which it acquired when buying Bear Stearns in March of 2008. The unit provides custody, financing and other services to large investors in the U.S. Dimon wrote that JPMorgan planned to expand this business into Europe and Asia.
JPMorgan will also be adding investment banking and trading staff in developing countries including China, India and Brazil so that the bank can cover more types of customers in those markets.
Dimon also commented on regulation of the financial industry in the letter as well. He wrote that JP Morgan supports the principles behind further consumer protection and increase regulation of the derivatives and securitizations market, but said that his company was concerned about some of the specific proposals.
“We would urge our regulator and legislators to … proceed with clarity and purpose and avoid broadly penalizing all firms alike — regardless of whether they were reckless or prudent,” he wrote.
