JPMorgan weighs top rival bankers to lead India expansion drive

JPMorgan

• JPMorgan seeks new top executive for India, replacing Kaustubh Kulkarni.
• High-profile candidates like Chatterjee, Jhaveri, and Ekambaram were approached.
• Decision on the new senior country officer expected in about a month.

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JPMorgan Chase & Co. has approached multiple high profile candidates to be the new top executive to run its expanding operations in India, according to people familiar with the matter.

The hunt for the senior country officer is being handled by search firm Heidrick & Struggles International Inc., said the people, who asked not to be identified citing confidentiality. The person will replace Kaustubh Kulkarni who departed last year after almost three decades for a top role at rival Citigroup Inc., and a decision on who to hire is likely to be taken in about a month, they said.

Among those who have been approached are Sonjoy Chatterjee, Goldman Sachs Group Inc.’s India chief executive officer and chairman, and Pramit Jhaveri, who formerly led Citigroup in the country until 2019, according to the people. JPMorgan also reached out to Shanti Ekambaram, who left Kotak Mahindra Bank Ltd. as deputy managing director at the end of October after more than 30 years at the Mumbai-based bank. She was among internal candidates to succeed former CEO Uday Kotak in 2023.

JPMorgan has “a very talented team” in India running the bank’s growing business, a spokesperson said in an emailed reply to Bloomberg queries, without addressing the search process. Heidrick & Struggles did not reply to calls and emails seeking comment.

Chatterjee has ruled himself out of the process, according to one of the people familiar. He as well as Goldman Sachs declined to comment. Jhaveri, who is currently an advisor to billionaire Azim Premji’s Premji Invest among his many roles, chose not to go ahead with the process, according to the people familiar. He did not reply to an email seeking comment.

Ekambaram said that while she’s getting many offers after her retirement, she will only decide after April and is looking at non-executive positions. She didn’t elaborate if she’s in talks with JPMorgan.

The caliber of candidates reflects JPMorgan CEO Jamie Dimon’s ambition to turbocharge operations in India, one of the world’s fastest-growing economies. While the US bank reclaimed its top spot in the local market’s equity offerings last year, it trails international firms in other areas such as foreign currency loans.

The firm is set to open a new branch in the country after nearly a decade, reflecting opportunities it sees from the South Asia country. The role of the senior country officer is important in driving the onshore business strategy, a vast field that ranges from corporate and investment banking, to supporting the broader franchise that includes global capability centers.

The bank has some 60,000 employees in India, accounting for about a fifth of its global headcount. CEO Dimon has been regularly visiting the country, pushing to grow its presence in areas including equity, credit and payments.