The chairman and CEO of JPMorgan, Jamie Dimon said GDP growth numbers in India and China are not terrible. He cited reasons of trade tensions which have impacted businesses and sentiments impacting in the economy. Amidst the slowdown, both the governments have stepped in with many economic reforms to improve the GDP rate. He believes that both the nations are doing extremely well as compared to US, Europe which are at 1-3% growth rate. He suggested policymakers to coordinate actions between governments and central banks to reduce friction.
Crux of the Matter
On October 22, JPMorgan in New Delhi committed $10 million to the World Bank for scaling up school-to-work transition projects in Rajasthan and Maharashtra.
With $12 billion already invested in the country with more than 35,000 employees focussed on analytics, cyber security and AI, the company is ready to invest $500 million more in India for building new centres across Chennai and Bangalore.
Seeing India as a potential hub, JPMorgan over 15 years in India has grown almost three times with about 400 companies and a lot multinationals now coming in. They started with call centres and now it is cyber security, AI, Big Data, Cloud, all these various things.
Dimon said, “It is just the part of our plan to continue to grow. So, it has been a great experience for us here and we are going to continue building.”
Curiopedia
John Pierpont Morgan Sr. (1837 – 1913) was an American financier and banker who dominated corporate finance on Wall Street throughout the Gilded Age. As the head of the banking firm that ultimately became known as J.P. Morgan and Co., he was a driving force behind the wave of industrial consolidation in the United States spanning the late 19th and early 20th century. He spearheaded the formation of several prominent multinational corporations including U.S. Steel Corporation, International Harvester and General Electric. He and his partners also held controlling interests in numerous other American businesses including AT&T, Western Union and 24 railroads. Due to his financial clout, Morgan came to wield enormous influence over the nation’s lawmakers and finances. During the Panic of 1907, he organized a coalition of financiers that saved the American economy from collapse. More Info
Curated Coverage
Comments