JPMorgan Chase has named David Li as its new China head, replacing Shao Zili, who has stepped down to become vice chairman for the Asian-Pacific region, effective October 2014.
Based in Beijing, Li will report to Nicolas Aguzin, chairman and CEO for JPMorgan Asia-Pacific operations.
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In his new role, Li will oversee all of JPMorgan’s operations and products lines in China, including the investment banking unit.
In addition, he will also chair the local management committee.
Li move comes as the bank faces a probe by US regulators into the bank’s hiring practices in China.
Prior to joining JPMorgan, Li worked as chairman and country head of UBS in China. He started his career at Citicorp as a Wall Street trader and investment banker, and later joined China Merchants.
Shao was previously JPMorgan’s chairman and chief executive officer in China.
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By GlobalDataAguzin said that Li’s arrival demonstrated the bank’s commitment to China as a priority.
