JP Morgan has become the latest bank to target Asia's fast-growing economies with plans to increase by 9% its staff in the region before the end of this year, according to an internal memo seen by Financial News.

The US bank's hiring spree will increase its staff in the region by 37% from its total of 15,200 employees in Asia at the end of 2006, according to JP Morgan. The bank said it planned to grow staff by 9% in the region compared to the end of last year, equivalent to about 1,700 new hires.