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JPMorgan in talks to exit China joint venture

The Financial Times reports JPMorgan is in talks to quit its China securities joint venture with First Capital Securities in a rare example of a pullback from the country by a major western investment bank. The US bank and its Chinese partner confirmed on Thursday that they were in talks over the future of JPMorgan First Capital but added that no deal had been reached. JPMorgan also denied that the move would represent a retreat from the Chinese market. It owns a third of the joint venture established in 2010, which was one of a series set up by western banks to gain a toehold in mainland markets. Most of the ventures are thought to have struggled, however, as the partners wrestled with priorities and the system of control. 

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