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Business News of Thursday, 25 January 2018


JP Morgan Chase to establish branch in Ghana

One of the biggest financial services company in the world, JP Morgan Chase & Co has announced its intention to establish a branch in Ghana.

The company, which declared 96.7 billion dollars in revenue in 2016 is targeting multinational companies operating in Ghana’s oil and gas industry.

Speaking with Bloomberg TV at the sidelines of the of the World Economic Forum meeting in Davos, Switzerland, the Chief Executive of JP Morgan Chase & Co, Jamie Dimon disclosed that the company will soon establish branches in Ghana and Kenya.

“We want to expand our services. We will go there, serve the country. We will serve the U.S multinational going in, the universities,[and] the power plants. You’ll see us open in some countries we are not in, in Africa, you’ll be hearing about some of that stuff,” he said, adding that the company will establish branches in Ghana and Kenya.

Mr Dimon explained that JP Morgan is planning to expand its branches and operations worldwide with an investment portfolio of 20 billion dollars.

The company had earlier announced that it will spend the said amount over five years.

It added that it will raise hourly pay for a portion of its workforce, add jobs and open 400 branches in new U.S. locations.

The move, the bank explains is due to tax breaks, reduced regulation and an improved business climate in the U.S that have made it possible to make the changes.