Moves: JPMorgan China names new heads of China securities unit
23/04/2024 10:41
(Adds background in paragraph 3)
By Selena Li
HONG KONG, April 23 (Reuters) - JPMorgan Chase & Co
JPM.N appoints Lu Fang to chair the board of its China
securities arm, replacing former chair Park Pu, according to a
company memo reviewed by Reuters and confirmed by a company
spokesperson.
Greg Yu, recently deputy general manager of J.P. Morgan
Securities China Company, has been promoted to general manager,
according to the memo issued on Wednesday.
The securities unit, which JPMorgan won the approval in 2021
to convert from a joint venture to a wholly owned subsidiary,
employed 160 staff in China at the end of 2022, one of the
largest among foreign securities firms.
It conducts various banking businesses including investment
banking and securities brokerage.
Both appointments took effect immediately, subject to
regulatory filings, the bank said in the memo.
Lu replaces Park Pu, who was the China arm's chairman for
nearly a decade. Pu will assume a new role as senior advisor to
the firm, the memo reads.
Lu will be responsible for overall management of the
company, overseeing local governance and the bank's strategic
agenda.
Yu, who will continue in his role as head of Equities for
JPMSC will be responsible for the implementation and execution
of the bank's strategic agenda, facilitating regulatory
relationships, and overseeing day to day operations.
(Reporting by Selena Li; Editing by Michael Perry and Louise
Heavens)
((Selena.Li@thomsonreuters.com; +852 39525868;))