JPMorgan China CEO Says Expansion Taking Longer Than Expected

(Bloomberg) — JPMorgan Chase & Co.’s China head said its expansion in the country is taking longer than expected, as the U.S. bank races to take advantage of China’s $60 trillion financial sector.

“It will be a longer journey than we would wish to gradually build up scale and reputation to do business,” JPMorgan’s China chief executive officer Mark Leung said in a Bloomberg TV interview at the bank’s annual Global China Summit in Shanghai on Wednesday. “But we’re invested and we’re going there and we’re progressing well.”