JPMorgan Chase & Co’s (NYSE: JPM) top executive at its securities business in China is stepping aside and is being replaced by his deputy. According to an internal memo, Houston Huang will hand over the role of CEO of JPMorgan Securities (China) Co. to Lu Fang, a former official at China’s securities regulator, confirming a Bloomberg News report. The memo said that Huang would remain head of mainland China investment banking to dedicate more time to important clients in the region. A spokesperson confirmed the content of the memo. Read Next: JPMorgan Mulls Splitting CEO Role With Jamie Dimon Staying As Non-Executive Chair: FT. JPMorgan is reorganizing its mainland operations to add further momentum after reaching profitability, said people familiar. The bank also named James Cheng as deputy head of investment banking in China, a person said. It recently named Greg Yu, the securities unit’s former chief operating officer, as head of China equities, replacing David Xu, who will leave by the end of this month, the people said. Price Action: JPM shares traded 0.12% higher at $127.43 during premarket trading on Wednesday.

By block head

Block Head is a blockchain journalist.