“We want to grow organically in Germany”

Jimmy Damon

The 65-year-old head of JPMorgan wants to expand his business in Germany, but is not planning any acquisitions in Europe.

(Photo: Tobias Everke for Handelsblatt)

New York, Frankfurt America’s largest bank, JPMorgan Chase, is attacking Deutsche Bank and Commerzbank in their core businesses. The bank is expanding its offerings to German mid-sized companies that are already JP Morgan’s clients in the United States. CEO Jamie Dimon said in an interview with Handelsblatt that the two big German banks “are doing it very well, but that doesn’t mean we can’t do it either.”

Damon is the longest-serving director at Bank of Wall Street, and is currently in talks with staff and regulators in Germany.

In the context of Brexit, JPMorgan has restructured its European business and moved its assets to the new European headquarters in Frankfurt. This will make the institute one of the five largest banks in Germany by assets as of next year.

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