MUMBAI: Wall Street bank JP Morgan has appointed Rahul Badhwar of HSBC as its senior country officer for India, according to an internal memo reviewed by Mint. The role had remained vacant since the departure of Kaustubh Kulkarni in September 2025.
“India is a critical market for our Asia Pacific franchise, and Rahul (Badhwar) will play a central role in driving and executing our growth strategy across the country,” Sjoerd Leenart, chief executive, Asia Pacific, JP Morgan said in the internal note. “He will help ensure we bring the full firm to our clients and stakeholders, continue to strengthen governance and controls, and support our people and communities.”
Leenart added that Badhwar will join JP Morgan in July, be based in Mumbai, and report to him. He will also join the Asia Pacific Management Committee, the note said.
Badhwar joins JP Morgan from HSBC, where he spent three decades in a range of sales and trading roles, most recently as global head of corporate sales for markets and securities services, according to the note.
“He began his career in India in Global Markets and since then has worked in Dubai, Hong Kong and London. Rahul brings a strong record of delivering cross product solutions for corporate and institutional clients and of building high performing teams,” the note said.
A spokesperson for JP Morgan confirmed the contents of the memo.
Leenart had told Mint in September that JPMorgan has been steadily adding staff in India across its global capability centres (GCCs) as well as its banking and investment banking divisions. A majority of its India headcount is housed in its four GCCs, which together employ about 55,000 people, he had said.
Multinational companies have increasingly expanded their GCC presence in India, with these centres now handling more advanced functions beyond basic coding and supporting large-scale employment.
A February 2025 report by IT (information technology) industry body Nasscom said that with more than 1,800 GCCs employing 1.9 million professionals, India’s GCC sector is projected to grow from $64.6 billion in 2024 to $110 billion by 2030.
