In October 2011, JPMorgan committed an extra R$1 billion ($493.4 million) to the balance sheet of its Brazilian subsidiary. One year on and the bank’s Brazilian chief executive, Cláudio Berquó, wants more – not just a bigger balance sheet but also more resources. “We have grown from 300 people to close to 1,000 in the past few years,” he says. “We have approximately 100 expatriates working throughout our Brazil offices and we keep requesting additional investments and resources.
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