Rohrbaugh also highlighted the rapid pace of change in the Middle East, and particularly Dubai, which has attracted capital and businesses relocating from Asia. More broadly, Rohrbaugh expects markets to be dominated by uncertainty over the Federal Reserve's path of interest-rate increases aimed at curbing inflation. "Volatility is going to remain elevated, particularly in macro products," he said. Meanwhile, debt and equity capital markets were faring better than expected despite concerns about an economic slowdown. Traders in fixed income, currencies and commodities (FICC)bolstered bank profits last year as dealmakers lagged. JPMorgan's fixed-income revenue climbed 12% to $3.7 billion in the fourth quarter, fueled by rising revenue in rates, currencies and emerging markets. In 2022, the markets division posted its second-highest annual revenue. (Reporting by Lananh Nguyen and Saeed Azhar; additional reporting by Manya Saini; editing by Diane Craft)
By Lananh Nguyen and Saeed Azhar
NEW YORK, Feb 15 (Reuters) - JPMorgan Chase & Co.'s head of trading sees China as its largest potential
overseas market as the bank aims to expand its international
business.
"China is by far the biggest opportunity for us," Troy
Rohrbaugh, JPMorgan's head of global markets, told investors at
a conference. "We continue to invest as we did previously,
obviously cautiously. We're ready to adjust if necessary."
China's reopening, and its impact on global growth, is being
watched closely by economists and business leaders. Jamie Dimon,
JPMorgan's chief executive officer, told Reuters in an interview
last week that he was planning to visit the country.
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