J.P. Morgan Chase Bank has hired six new staff for its treasury services unit as it seeks to take business away from Australia’s biggest banks by selling global financial products to companies.
The New York-based bank by the end of the year will have spent about $4.3 billion globally since 2009 on treasury and securities services hoping to lure companies that do business internationally with products that enable them to manage their cash needs in real time.
“We’re in growth mode,” says Nadia Schiavon, head of treasury services Australia and New Zealand for J.P. Morgan. “We’re trying to build our footprint here.”
The bank now has about 60 people working in treasury services in Australia and New Zealand. It hired 18-year Citigroup veteran Damian Crowley as head of cash and trade sales. Crowley says he will work closely with J.P. Morgan’s investment bankers to “deepen a relationship that is already there” with the bank’s corporate clients.
Dennis Grogan has been hired as head of client service and delivery. Abhijit Guha has been appointed cash product delivery manager. Karen Gilbert was hired as cash product manager, Edwin Lee as cash services technology manager and David Goode as product manager for escrow and liquidity management.
“Australia is a very commoditized market,” says Schiavon. “We can sell slicker technology.”