JPMorgan appoints new CEO, opens securities business in China

Mubasher: JPMorgan Chase on Monday announced appointing a new CEO for its operations in China, as well as plans to open a securities business there.

The New York-based bank named Mark Leung, who had been working for the bank for 21 years, as its CEO for China, assigning the management of onshore and offshore activities in the country.

JPMorgan also said it had submitted an application to the Chinese securities regulator to establish a new majority-owned securities business. The US bank will own 51% of its new Chinese business that is currently pending regulatory approval.

In addition, the bank is planning to double its research coverage of China-listed companies in all sectors, it said in a statement.

JPMorgan’s asset and wealth management division is also working on extending its stake in a current joint venture to a majority stake.

The Wall Street bank’s application represents a return to the securities business in China after selling its 33% stake in a similar business in 2016 to its local partner.