In another round of senior leadership changes at JPMorgan Chase & Co., Park Pu has stepped down as chairman of its onshore securities business in China, according to individuals familiar with the matter.
Pu, located in Shanghai, marks the second high-ranking departure from the U.S. bank’s operations in the country this year. He has been part of the firm for nearly a decade, overseeing the establishment of JPMorgan’s investment bank and securities business in mainland China over the past seven years.
His successor will be Lu Fang, a former official at China’s securities regulator, who took on the role of chief executive officer at JPMorgan Securities (China) Co. in 2022.
Greg Yu, previously head of China equities and deputy general manager for the division, will assume Lu’s CEO position, according to the sources, who requested anonymity before an internal announcement.
JPMorgan, via a spokeswoman in Hong Kong, declined to comment.
The bank has heavily invested in expanding its China operations, emerging as the only Wall Street institution to gain full control of its futures, securities, and asset management businesses in China within three years.
The leadership transition in China coincides with the challenges faced by the world’s second-largest economy, including a growth slowdown, housing downturn, and reduced capital-markets fundraising activities. Amidst these challenges, many global companies are reducing their exposure to China, while foreign investors are trimming their allocations to the country.
Approximately two months ago, JPMorgan notified employees of the retirement of its China CEO Mark Leung after his 25-year tenure with the bank. Leung, also based in Shanghai, is set to depart at the end of 2024.
The bank recently appointed Alan Ho and Rita Chan as co-senior country officers for China, who will facilitate the leadership transition alongside Leung.
The departure of senior leaders in China follows a significant management revamp in the Asia-Pacific region and global leadership changes.
Filippo Gori, who oversaw the bank’s expansion in China since 2016 as Asia-Pacific CEO, is leaving Hong Kong to co-lead global banking in London. Sjoerd Leenart will succeed him as head of the Asia-Pacific region. Additionally, Grace Lin, JPMorgan’s head of China for its private bank, is retiring this year.
Globally, JPMorgan reshuffled its top leadership earlier this year, with Daniel Pinto, previously the sole head of the corporate and investment bank since 2014, now serving as the company’s president. Pinto had played a crucial role in shaping JPMorgan’s strategy in China alongside CEO Jamie Dimon.
Park Pu joined JPMorgan in 2015 and served as head of its onshore investment banking. He was appointed CEO of the bank’s China securities venture upon its establishment in 2019 and became chairman of the securities firm the following year, succeeding his former long-time colleague David Li Yi. Pu and Li previously collaborated at UBS Group AG, where they were involved in setting up the Swiss bank’s securities venture in mainland China in 2006.
JPMorgan’s China securities business encompasses underwriting, brokerage, investment advisory, principal trading, and other services.
Lu, who joined JPMorgan in 2019, brings with her 13 years of experience at the China Securities Regulatory Commission. She also has a background at Credit Suisse Founder Securities Ltd.
Yu, formerly with BNP Paribas, joined JPMorgan in 2006 to lead its Asia equity derivatives structuring business. He relocated to Shanghai as chief operating officer of the securities company in late 2019.
