JPMorgan targets business from manufacturers eyeing Southeast Asia

JPMorgan's corporate bank will increase its investments and bankers in Southeast Asia.

Greg Guyett, CEO of JPMorgan's global corporate bank, told Reuters that the region is attracting international companies who feel that manufactruing in China is getting expensive.

He plans to add about 40 bankers in Asia, with Southeast Asia accounting for the larger proportion of new hires.

"I think ultimately when we get to 100 bankers in Asia, which will probably be about where we go....kind of 50 percent of our remaining investment is going to occur in Southeast Asia," he said during a visit to Singapore.

He said Southeast Asia is gaining the attention of international companies as its clients were finding that manufacturing in China is getting expensive.

"There is a lot of focus on other countries where there is an opportunity to lower costs of manufacturing," he said.