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.