JPMorgan Chase has hired a top investment banker from UBS to head its China operations, which have been shaken by an anti-bribery investigation into the American bank’s hiring practices in Asia.
In a statement on Thursday, JPMorgan announced that David Yi Li had been appointed its senior country officer for China and chairman of the bank’s local management committee in the country. Mr. Li was most recently the chairman and country head for China at UBS, as well as chairman of the Swiss bank’s joint-venture brokerage business in mainland China.
Mr. Li’s appointment comes after JPMorgan’s former chief executive for China investment banking, Fang Fang, was arrested as part of an investigation by Hong Kong’s anti-graft agency in May. A top deal maker at the Wall Street bank until he stepped down in March, Mr. Fang, who has not been charged, was one of several senior JPMorgan executives whose emails discussing hiring practices in China were turned over to investigators in the United States last year.
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