JPMorgan launches new Latin charm offensive
Nicolás Aguzín’s appointment as chairman of JPMorgan’s Latin American franchise heralds a new strategy in the region. Gone is the big picture approach; now the emphasis is on getting the nitty-gritty right and building long and lasting corporate relationships. Felix Salmon reports.
It’s Friday, and Nicolás Aguzín has had a long week. He spent Monday night on a plane up to New York, Wednesday night on a plane down to Argentina for a lunch meeting with a client and Thursday night on a plane back to New York. He travels a lot as head of Latin American M&A at JPMorgan, meeting clients. And for most of the past year, he’s had another job on top of that: running all of JPMorgan’s Latin America operations.
JPMorgan executives generally downplay the restructuring that happened in its Americas group last year. The message is that nothing much has changed: ‘We always were the best, and we still are.’ But JPMorgan’s Latin America business now is very different from a few years ago.