JPMorgan hires former UBS executive as China head
JPMorgan Chase & Co. has announced UBS AG's former China Chairman David Li as the next chief of its Chinese operations.
Marie Cheung, Hong Kong-based spokeswoman for JPMorgan, said Li would be responsible for the biggest U. S. lender's businesses and products in the world's most populous country.
Cheung added that Li would join JPMorgan as senior country officer for China in October this year and would be based in Beijing. He will report to Nicolas Aguzin, the bank's chairman and chief executive officer for the Asia-Pacific region.
Li served Zurich-based UBS for a period of nine years. He helped UBS Securities Co., the company's Chinese brokerage venture recover smartly from the crisis period onwards. Previously, he worked at Citigroup Inc. in New York after earning his masters in business administration from the University of Pennsylvania's Wharton School.
The American bank saw several high-profile changes in its leadership in the recent past. In March, Fang Fang, chief of investment banking for China, stepped down after more than twelve years at the firm amid a probe by U. S. regulators into its hiring practices in Asia.
Li will replace JPMorgan's former China chairman & chief executive officer, Zili Shao, who was elevated the position of Asia-Pacific vice chairman in April this year.
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