JPMorgan’s Top China Banker Steps Down in Leadership Change

JPMorgan, which in 2021 became the first Wall Street bank to win full control of its China securities operation, is reorganizing its mainland operations

(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 the 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 a Thursday internal memo. 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.