Are officials telegraphing enough. Do you want more verbal and
actual real support. I'm guessing you would say yes. You need More of course. Of course. What do you want to hear. Well I
think ultimately is about confidence business confidence Investor confidence entrepreneurs confidence. But for us more
importantly we were here for lot good times. We're here for the More challenging times. Just like the lockdown we've been
facing. But but ultimately making sure we are where our clients Are helping them serving them has been very important. All
right. Well Jamie Diamond at the AGM last night he said we Continue to face challenges at every turn. There are a lot of
challenges in the world. OK but your remit is China. How Challenging have the lockdowns van that follows. Of course the
regulatory push in tech on property online gaming ad nauseum. Right. So
win. And where can the confidence return. You tell me Steve I'm Sure you're well aware of it. But that for us business as usual
operations are intact. We're helping clients on the ground. As You know we have four legal entities on the ground. Will
hopefully getting to 100 percent for all full of them. But They're operating as usual despite all the challenges you've
seen in you know some of that lockdown situation we faced in Shanghai. But look this is not new to us and not new to many of
our colleagues and clients. You think about the situations we've Been through around the world in Covid. So many of the things we
have learnt starting from two years ago in China to Hong Kong to Even London and New York many of those measures were very
helpful for us to maintain our resilience. And of course the Other thing that you probably know very well is the digitization
of banking offerings. So we take no time in reinventing our Processing of helping clients. So many of the service things we
do the signature and the virtual banking and all that comes very Handy. So over this period while despite we're undergoing some
lockdown situation in Shanghai and some other cities in a lesser Degree our clients are not interrupted by in fact our cities are
very intense. But how concerned are the clients. Obviously we're Seeing outflows and we're seeing even seeing forward that is
some of the reporting on the foreign bond exchange. They're not Reporting those transactions. They're concerned by those huge
outflows. There's not interest rate differentials obviously the United States and in China. But again there's this confidence
game. And it seems to be lacking for inbound to China. Are you Seeing that. Yes. Just to slight your report just now. So we do
see that there are there are concerns but there are also more Responses from the government from very senior level of the
government on ensuring that as I said right. The capital the Entrepreneurial sides have to have the right meaningful
messaging had to support their investment and the confidence. I Think it needs time. But for us you look at our four legal
entities. They've been growing pretty pretty good the last Couple of years. And in fact we are installing more products on
the ground. Like just talk about securities company which we got To 100 percent. In fact the first four only owned securities
company would break even last year when making money. And that's A year ahead of our original plan. So in banking we did a lot of
first of a kind deal. Right. Our equity capital markets do the First underwriting the first block rock trade. The first
convertibles trade. And also very strong DCM perpetual trade as Well. So we basically check all the boxes of what we want doing
the first of a kind in banking. Now in equities where it went Where I used to operate our global operations. It's fascinating
to finally have our own onshore securities company. So combined With our Hong Kong London New York entities so we could now
really reengineer our servicing. So what is the best Differentiating experience for clients with you know cash
derivatives equity financing inventory sourcing execution all Combined. And we offer it in the most seamless fashion for
global investors coming in and for Chinese investors wants to go
Out. So we you know how we operate. We have securities with
bangs and we do have resources to expand in this area. So I Think we have a lot of room to grow now that we have the right
setup the right people. Of course we need more of that. And now We were really on a growth model. I want to talk about hiring
and retaining talent in just a minute. But you talked about your Four main businesses. And also you've got that hundred. You said
of course approval for securities venture. What about wealth Management. Davy you're 49 percent. You're close. You've been
working at it. Is it going to happen. So that we're four legal Entities. I think you probably are talking about our asset
management Haslinda Amin. Yes. So we are very close to getting To 100 percent. In fact we've been we've been working well
partners since two years ago. So fingers crossed regulators back And forth. We'd been we'd been we'd been handling everything.
All the information we need. So. We and our partner wants to Finish this transaction. Then we will have what we think is the
Grand Slam. All four legal entities at 100 Didi Foundation to Wish Jamie and everyone in New York and us all want to implement
to to have a full force JP Morgan. Then we can just implement Things our way. Compliance standard our product stand and
everything. So. So that's the aim part. But you also probably Could mean I think our partnership with CMB. So I think that
that is going well. We bought 10 percent of the wealth Management unit of CMB and is a very longtime partner for us. I
think it's good that we we took a stick there and then we can Collaborate in a lot of things. I do think it is still a very
good foundation for fall for the retail part of the business Where we ourselves are not that particularly elaborately
established yet. But on asset management do you expect that Deal. I mean it's up to regulators to happen this year.
I hope so. That's our asset management. Tom Mackenzie of them. But as far J.V. with CMBS already
approved last year by the CBA LC so working with our partners to Create more new products and very we have a very strong view on
wealth management and asset management. Two of the strongest Growth driver for activities on the ground. But all you go into
these are important. As you know we also were the first for only On futures and Options Company underground. And the
internationalization of those contracts and commodities and Fixed income in equities have been the primary driver for all of
kind support. You just came back from Shanghai. What struck you The most about the lock downs. I mean this is unprecedented
really for a city of 25 million at the center of finance for Mainland China. What what really stood out to you. It was that
it was a big challenge. It's still a challenge. But I think the Fact that our team hang on together to help our clients an asset
as I said. Right. The experience has been selfless as it has Been very smooth has been seamless.
The fact that many clients actually praises what we did for them For instance using E technique. Sure. Finishing their trade
payment and the wiring of funds to the headquarters offshore. I Think those are where I always see us. You know you started all
this just this discharged with challenges but challenges Sometimes where you know if we all rise to the occasion and
deliver the best that that's the differentiating experience that We are giving our clients. I think that's where teams are very
very fascinated about what they are in. But of course that There's some nuances in how to get it wrong in you know just
just general life necessities. But you know that that's the one Thing we care the most about our staff their well-being and also
our clients and our community. So so we did a lot to ensure they Have the right supplies. And you don't even have virtual social
sessions for their for their well-being. We have yoga classes. We have music sessions on holidays and we also send supplies. So
I think we did do a lot with our communities locally as well by Donating to to elderly homes. So I think that the staff feel
proud of what we've been doing despite all the challenges. All
Right. Well let's talk about hiring and retaining talent. How
difficult has it been in China. Oh we're glad. We have a very Clear mission statement. And I think a lot of candidates love
where we are in this competitive space. So that has been a Natural. But having said that the the degree to which that is
hard to find the right talent global corporate culture Experience and network within a company that's global. At the
same time knowing the local market the culture and delivering The two I think is very challenging. We've said it before but
we're glad that we are a population is growing. We managed to do A lot of mobility across the region and globally. It's helping
that we finally have more people who can make the decisions on The ground key decisions in separate products. So we're hopeful
this will continue to grow. I just had a conversation obviously With Paul Ryan who is the head of Asia Pacific Investment Bank.
He seemed to be encouraged by of course the rhetoric that's Coming out of Beijing on technology. We do know your analyst
team have upgraded some of these stocks earlier than they Expected because regulatory pressure is easing.
How important is the platform economy from your perspective at JP Morgan to providing the growth that is needed for China to
get out of its slump. It's critical. The platform the technology Companies they all know the future of how a lot of commerce are
being done. That has already been the case for the last decade. And I think it's critical how these companies have the right
leverage to further development innovate. I think the countries Where we're aware of it and I think for all for for our own
selves I think we were focusing on quite a few sectors. So Besides the Internet and the platform company we're very focused
on the new energy section. Right. The green energy wind or Solar. I think a lot of well leading companies in China that we
are coal clients. We do want to make sure that they have the right support for us.
They want to access capital markets offshore. Or find emanate Targets and I think more importantly when not just only in the
GOP and I mentioned this but a bank is also growing. So we have A bank that we set up in 0 7 that we own 100 percent. Last
couple of years we're glad that we're bringing commercial Banking for China headquarter clients as well. And so the first
time so finally we will fully complete whatever we have globally From investment bank commercial bank corporate banking. They are
underground for local clients. And I think this is the full Spectrum and I think a lot more we can do to be the rich.
