JPM to Boost Middle East Presence With Hiring of More Than 100 Staff
JPMorgan Chase & Co. JPM is expanding its Middle East presence with plans to hire more than 100 staff to its businesses across the region in the coming years.
The announcement was made by Mary Callahan Erdoes, CEO of JPMorgan's asset and wealth management business, at the Qatar Economic Forum in Doha. 'It is a very exciting time for everybody to be thinking about this', Erdoes stated.
Details of JPM's Expansion in the Middle East
JPMorgan currently operates across the Middle East region, including Abu Dhabi, Doha, Dubai and Riyadh. JPM's new hirings will increase its regional workforce from 370 to nearly 500 in the upcoming years, further strengthening its foothold. This move will enhance its ability to provide expanded financial services in the region.
Similar to JPM, many other finance companies have been expanding their footprint across the Middle East, where many countries are undergoing multibillion-dollar investment programs aimed at remaking their economies and becoming less dependent on oil.
In sync with this, on May 20, 2025, Bloomberg reported that Goldman Sachs GS is also boosting its Middle East headcount and exploring new office locations, joining other banks expanding in the region to tap its pools of capital.
At the Qatar Economic Forum in Doha, Marc Nachmann, Goldman's global head of asset and wealth management, stated, 'The Middle East provides attractive risk/return opportunities.' The company continues to work with regional sovereign wealth funds on investment partnerships and expects to pursue further opportunities.
Likewise, The Bank of New York Mellon BK, or BNY Mellon, has secured a license from the Ministry of Investments to establish its regional headquarters in Saudi Arabia this month.
The strategic expansion of BK into Saudi Arabia aligns with Vision 2030, which mandates foreign firms to establish regional headquarters in the kingdom for accessing government contracts.
JPM's Other Expansion Efforts
JPMorgan is making efforts to expand its footprint in new regions with plans to open more than 500 new branches by 2027, with 150 already built in 2024, solidifying its position as the largest branch network in the US, covering all 48 states. Additionally, the bank is committed to renovating 1,700 existing locations by 2027 to enhance customer service and accessibility.
JPM's Zacks Rank & Price Performance
In the last six months, shares of JPM have gained 8.2% compared with the industry 's 3.9% growth.
Currently, the company carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
Zacks Names #1 Semiconductor Stock
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With strong earnings growth and an expanding customer base, it's positioned to feed the rampant demand for Artificial Intelligence, Machine Learning, and Internet of Things. Global semiconductor manufacturing is projected to explode from $452 billion in 2021 to $803 billion by 2028.
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This article originally published on Zacks Investment Research (zacks.com).
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