What is JP Morgan up to in Asia? When the US commercial-turned investment bank announced it was hiring a raft of equities research and sales people from Dresdner Kleinwort Benson, all the talk was of this further proof of DrKB’s demise. But what of Morgan?
Just two years ago it pulled out of Asian cash equities. Focusing on equity derivatives and private equity was a better use of shareholder capital, Morgan said at the time.
So is the bank’s jump back into cash equities in the region yet further evidence of its fickle, fair-weather nature?
Well not quite.
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