Takis Georgakopoulos, global head of treasury services at JPMorgan
Some eight years since JPMorgan decided to compete with the likes of Citi and HSBC in the global transaction banking business, it is getting closer to its goal of taking the top spot in the league tables.
While it still lags in certain sectors and geographies – trade finance and Asia-Pacific, specifically – the bank has made some big strides. Soon, it may give the traditional heavyweights a serious challenge for the title.
Transaction services is not the sexiest segment of banking, but in recent years has nonetheless become a sought-after business.
Even Goldman is courting cash management – though, to be fair, it seems the bank wants to be the kind of universal bank it traditionally spurned, having taken up even retail operations, meaning it can hardly stay away from cash management.
Overall revenues in transaction banking took a beating in 2014 and fell further into 2016, but it has since revived, and in 2018 total revenue of the big players hit an eight-year high, according to Coalition.