JPMorgan Chase plans to double its Brazil team in the coming years, the company’s chief executive said in an interview with local magazine Exame.
“Over the next five years, we intend to double our team in the country,” Jamie Dimon told the news magazine.
But the company’s Brazil operation is “focused,” he said, and does not plan to go up against large Brazilian institutions at the moment.
“It’s very complicated to compete with the big Brazilian banks if you don’t have scale and heft,” Dimon told the magazine. “That might happen someday, but not now.”
JPMorgan Chase will have its biggest profit in Brazil this year, Dimon said.
Current investor enthusiasm for Brazil is not a fad, said Dimon, praising Brazil’s governance and “unbelievable” natural resources.
“Our economists see Brazil’s economy growing 0.3 percent this year and 5 percent next year,” he said.
And he noted that the recent appreciation in the country’s currency, the real, brings advantages as well as disadvantages.
“The important thing is that the reason behind the strength of the currency is good,” Dimon said. “Brazil is a very interesting place to invest.”
The 34 percent gain in the real this year has prompted much hand-wringing among exporters, who see their products becoming more expensive and harder to sell abroad.
Dimon’s name has been mentioned as a possible successor to US Treasury Secretary Timothy Geithner, the New York Post reported recently.
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