JPMorgan Expands into Greece with New Corporate-Banking Operation

JPMorgan Chase, the largest U.S. bank by assets, has expanded its corporate-banking franchise into Greece through a new operation that will bring lending, financing, hedging, and investment-banking services to large and midsized Greek companies.

The bank's European hiring offensive, which has resulted in a 25% staffing expansion over the past two years, now reaches into Greece. This move gives JPMorgan another gateway for connecting local companies with its global payments and capital-markets machinery.

Management did not disclose a revenue target or planned headcount for the country, but it is clear that Greece's small market size means it will not significantly impact JPMorgan's enormous earnings base. The bank generated $58 billion in managed second-quarter revenue and $21.2 billion in net income, while overseeing approximately $5 trillion in assets.

The expansion into Greece adds to the valuation warning for investors, as JPMorgan's share price sits 12.24% above its estimated value of $316.30, suggesting that investors already pay a premium for the bank's scale and execution.