JP Morgan Chase & Co. (NYSE:JPM) has reportedly appointed Nazim Ali as the head of its technology vertical for Asia within its private bank.
This move is part of the company's efforts to deepen relationships with technology entrepreneurs in the region, Bloomberg reported, citing an internal memo.
Ali, stationed in Singapore, will report to Tomas Pierucci, overseeing international tech disruptors, and Harshika Patel, CEO of the Asia private bank, as per an internal memo verified by a bank spokeswoman, Bloomberg added.
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According to the memo, the tech vertical was established several years ago to foster relationships with tech entrepreneurs, facilitating connections to the firm's network and capital.
In his new position, Ali will collaborate with advisors to cultivate and expand business opportunities within the tech sector.
Ali's most recent role was as the global co-head of e-commerce and technology, media, and telecommunications sales and solutions for JPMorgan Payments.
Before joining the firm in 2022, he held leadership positions at fintech companies, including Airwallex, Bloomberg added.
Meanwhile, several prominent U.S. banks, including JP Morgan, have declared their intentions to raise their dividends for the third quarter, following their successful performance in the Federal Reserve's annual stress test.
This decision comes in the wake of the banks proving their resilience against severe economic and market disruptions in the Federal Reserve's yearly health assessment, reports Reuters.
The largest U.S. lender, JP Morgan has upped its dividend to $1.25 per share from $1.15 and has approved $30 billion in fresh share buybacks, effective July 1. Bank Of America Corporation (NYSE:BAC) and Citigroup, Inc. (NYSE:C) have also raised their dividends to 26 cents and 56 cents per share, respectively.
Price Action: JPM shares are trading lower by 0.17% to $205.10 premarket at last check Tuesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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