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Responding to Latin America's expanding economy and growing export business, New York-based JPMorgan Chase ($1.6 trillion in assets) has restructured its Treasury & Securities Services franchise to place an increased emphasis on the region.
According to Mike McKenzie, JPMorgan's Treasury & Securities Services and treasury services executive for Latin America, the financial institution's goal is to become a top-tier provider of wholesale banking services to its existing multinational clients in the region, U.S. middle-market companies and local Latin American firms. However, JPMorgan faces a variety of challenges in that part of the world, not the least of which involve technology.
Previously, the bank's Treasury & Securities Services for Latin America were managed as part of the Americas business, McKenzie relates. But, "It was hard to get the right level of focus and attention on Latin America when our business in the U.S. is so big," he says.
By breaking out Latin America as a separate region for the purposes of management, financial reporting and...