JPMorgan Chase & Co. (NYSE:JPM) aims to expand its Swiss corporate banking business and plans to leverage blockchain services to attract new clients.
The company currently has over two dozen active customer relationships and plans to significantly expand in this segment, reported Reuters.
Lutz Karl, who heads the bank's business with major corporate clients in Germany, Switzerland and Austria, is also aiming for market share gains in the trade financing business.
He stated, "We're also having a lot of discussions on the subject in Switzerland, and expect to bring the first customers onto the platform in the next few months."
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"Blockchain technology was presenting opportunities for growth in cash management via payment transactions."
Karl said that JPMorgan aims to expand its position within three to five years.
On Wednesday, J.P. Morgan Payments introduced new and enhanced product integrations with the Oracle Corporation (NYSE:ORCL) ecosystem, aimed at simplifying and streamlining payments across treasury, trade, and commerce for clients.
Investors can gain access to the stock via iShares U.S. Financial Services ETF (NYSE:IYG) and SPDR Select Sector Fund – Financial (NYSE:XLF).
Price Action: JPM shares are up 0.08% at $207.40 premarket at the last check Thursday.
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