JPMorgan’s top banker in China quits

Bloomberg

JPMorgan Chase & Co.’s top executive at its securities business in China, Houston Huang, is stepping aside and is being replaced by his deputy as the Wall Street bank ramps up to tackle slowing growth in world’s second-biggest economy.
Huang will hand over the role of chief executive officer of JPMorgan Securities (China) Co. to Lu Fang, a former official at China’s securities regulator, according to an internal memo on Thursday, confirming a Bloomberg News report. Huang will remain head of mainland China investment banking to dedicate more time to important clients in the region, the memo said. A spokesperson confirmed the content of the memo.
Lu, who joined the bank in 2019, has also worked at Credit Suisse Founder Securities Ltd. and spent 13 years at China Securities Regulatory Commission. Subject to regulatory filings the change will
become effective April 15.
“Her exceptional market knowledge and experience will be critical in the continued growth” of the securities unit, said the bank’s China CEO Mark Leung and Paul Uren, the head of investment banking for Asia Pacific, in the memo.
JPMorgan, which in 2021 became the first Wall Street bank to win full control of its China securities operation, is reorganizing its mainland operations to add further momentum after already reaching profitability, said people familiar, who asked not to be named discussing internal information. The New York-based bank, like other global rivals, is ramping up in China against a backdrop of U.S.-China tensions, a string of regulatory crackdowns and threats to economic growth from a growing virus outbreak.
The bank also named James Cheng as deputy head of investment banking in China, a person said. It recently named Greg Yu, the securities unit’s former chief operating officer, as head of China equities, replacing David Xu, who will leave by end of this month, the people said.
Huang relocated from Hong Kong in late 2020 and took over the top job just a little more than a year ago. He helped oversee the bank raising its stake to 100% in its mainland securities operations, a key step in fueling an expansion.
Huang “was integral to the company’s build out by helping to lay down the strong foundations that will support our future success,” Leung and Uren said in the memo. He has had “a major influence on the strategic agenda and overall culture” of the securities unit, they said.
Huang joined JPMorgan in 2015 in Hong Kong as head of China investment banking. He has also worked five years at Goldman Sachs Group Inc. where he headed the China diversified industrial group and 11 years at China International Capital Corp.