JPMorgan Chase Seeks Growth Through Blockchain Technology in Swiss Corporate Banking

Strategic Ambitions in Switzerland

JPMorgan Chase wants to grow its Swiss corporate banking business and hopes to use blockchain technology to help gain clients, an executive at the US bank said. We're ambitious and want to gain market share, Lutz Karl, who heads the bank's business with major corporate clients in Germany, Switzerland, and Austria, told Reuters in an interview.

Market Opportunities Post-Credit Suisse

One of the leading foreign banks in Switzerland, JPMorgan aims to capitalize on the disappearance of Credit Suisse, which was taken over by its long-term rival UBS. This has opened doors for competitors in various sectors, leading companies to diversify their banking relationships early on.

Current Operations and Future Plans

With just over ten personnel on-site, JPMorgan serves around sixty large companies in Switzerland, including all 20 companies in the SMI blue-chip index. The bank also maintains over two dozen active customer relationships among small and medium-sized enterprises, with plans for significant expansion in this segment.

Harnessing Blockchain for Growth

Blockchain technology presents opportunities for growth in cash management via payment transactions. In Germany, entities like Siemens utilize JPMorgan's blockchain services for real-time international money transfers. Karl anticipates that discussions in Switzerland will lead to onboarding the first customers onto the platform soon, with further ambitions in trade financing.