JPMorgan’s Asia Pacific investment banking vice chairman Todd Marin and vice chairperson of Asia investment banking Catherine Leung are set to quit as the bank reshuffles management in the region.
The reshuffling comes following a probe by US regulators into the bank’s hiring practices.
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The investigation deals with whether the lender hired family members of Chinese government officials to gain banking assignments.
Marin and Leung were connected to the probe. Both have stock options vesting soon and the bank did not want them to receive them.
Marin’s retirement has been announced in an internal memo and he will stay on to oversee a period of transition expected to last for a number of weeks. Leung is also expected to depart in the coming weeks.
However, neither any official nor the bank has been accused of any wrongdoing yet in the probe.
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By GlobalData
