Cover Filippo Gori (Photo: Michael Perini)
Filippo Gori (Photo: Michael Perini)
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JP Morgan will forge ahead with mainland China expansion plans, says Asia's Most Influential honouree Filippo Gori
China’s difficult economic and political climate will not slow the pace of JP Morgan’s expansion in the region, Asia-Pacific CEO Filippo Gori said in an interview with Bloomberg TV during the bank’s Global China Summit on May 17.
“[The climate] hasn’t made us change our overall strategy. [Our strategy] is based on our long-term approach of following our clients who are investing in China and growing with them,” Gori said. “We hope that by the end of this year we will have more onshore presence which will help us further serve our clients.”
He continued by expressing his long-term commitment to the region: “We are not in China for one or two years. We are building our infrastructure for the next 25 years. China will likely become the largest economy in the world over the next decade and we want to create a large presence onshore to be able to serve our clients.”
Though he says the bank’s clients may have concerns over inflation, geopolitics, commodity prices and supply chain disruption in the region, he has no doubts of the power of the Hong Kong and broader Asian economy despite strict Covid-19 policies and quarantine rules. “I can only praise our team for their resilience that they have shown. Hong Kong is and will remain our regional headquarters without a shadow of a doubt. It remains an important international financial centre and where we run the region.”
Gori leads the strategy and oversight for all of the firm’s businesses across 16 markets in the region, and was appointed head of Banking for Asia-Pacific in 2019. He also leads the investment banking and corporate banking businesses in the region.
In 2021, JP Morgan was the first foreign bank to successfully obtain full control of its securities business in China, and the bank is now doing the same for its asset management business as well.
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As Content Director at Tatler Hong Kong, Tara shapes the brand's editorial vision across social, digital and print. She also drives the planning and execution of Tatler's flagship IPs. In her dual role as Head of VIP, she reports on Asia's most influential figures — from CEOs and leaders across business, style and the arts — curates star-studded events, and builds the relationships and communities that define the brand. Born and raised in the Middle East, she honed her craft in Dubai, crafting communication strategies for luxury brands across the Gulf. Follow her on Instagram @tarasobti.
