Houston Huang, Wall Street bank JPMorgan Chase’s top securities executive in China, is taking a step back and will be replaced by his deputy as the bank tries to deal with slowing growth in the China economy, reports Caixin. Huang will hand over the role of chief executive officer of JPMorgan Securities (China) to Lu Fang, a former official at China’s securities regulator. Huang will remain head of mainland China investment banking to dedicate more time to important clients in the region.
Lu, who joined the bank in 2019, has also worked at Credit Suisse Founder Securities and spent 13 years at the China Securities Regulatory Commission (CSRC). Subject to regulatory filings the change will become effective April 15.
“Her exceptional market knowledge and experience will be critical in the continued growth” of the securities unit, said the bank’s China CEO Mark Leung and Paul Uren, the head of investment banking for Asia Pacific, in the memo.