JPMorgan Chase has initiated a strategic expansion of its Indian operations by recruiting top banking talent from competing financial institutions. The move signals a major push to strengthen its presence in the country’s fast-evolving financial sector.
- JPMorgan recruited five senior bankers from HSBC India and ICICI Bank
- India revenue target: $1.06 billion by 2028, up from $850 million in 2025
- $120 million allocated for India infrastructure and digital upgrades
- India’s share of JPMorgan’s global revenue expected to rise from 3% to 5% by 2028
- Focus on infrastructure, tech, and renewable energy client segments
- India’s financial services market valued at $3.2 trillion
JPMorgan Chase has begun assembling a high-caliber team to lead its India expansion, luring senior bankers from rival institutions including HSBC India and ICICI Bank. The firm has reportedly hired at least five senior professionals, including two former heads of investment banking divisions, to bolster its corporate and investment banking operations in Mumbai and Delhi. The initiative comes as JPMorgan targets a 25% increase in its India-based revenue by 2028, up from $850 million in fiscal 2025. This growth strategy includes expanding its client base in infrastructure finance, technology, and renewable energy sectors—areas seeing heightened demand from domestic and multinational corporations. The new hires are expected to oversee a $120 million capital allocation for India-specific infrastructure and digital banking upgrades, including the launch of a dedicated risk analytics unit in Hyderabad. These moves align with the bank’s broader Asia-Pacific growth plan, which aims to increase India’s contribution to its global revenue share from 3% to 5% over the next three years. Market analysts note that the talent acquisition reflects growing competition among global banks for India’s $3.2 trillion financial services market. The hiring spree is likely to intensify pressure on domestic and international players to invest in localized expertise and digital capabilities to retain market share.