Selena Lee
HONG KONG (Reuters) – JPMorgan Chase & Co (NYSE:) is appointing Lu Fan as chairman of its China securities division, replacing former chairman Park Pu, according to a company memo reviewed by Reuters and confirmed by a company spokesman.
Greg Yu, who recently served as deputy general manager of JP Morgan Securities China Company, has been promoted to chief executive officer, according to a memo released on Wednesday.
The securities division, which JPMorgan received approval to convert from a joint venture to a wholly owned subsidiary in 2021, had 210 employees in China at the end of 2022, one of the largest among foreign securities firms.
It conducts various banking activities, including investment banking and securities brokerage.
Both appointments were effective immediately, subject to regulatory filings, the bank said in a memo.
Lu will succeed Park Pu, who was most recently chairman of the China division and has been with the firm for nearly a decade. Poo will assume a new role as a senior adviser to the firm, the memo said.
Lu will be responsible for the overall management of the company, overseeing local management and the bank’s strategic program.
Yoo, who will continue to serve as JPMSC’s head of equities, will be responsible for executing the bank’s strategic program, facilitating regulatory relations and overseeing day-to-day operations.
(This story has been corrected to say in paragraph 6 that Pu joined the firm nearly a decade ago and was most recently chairman of the China unit)
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