On March 28th, it was learned from JPMorgan Chase that the company has appointed Chen Yanni and He Yaodong as co CEOs of the China region, effective from April 1, 2024. JPMorgan Chase stated that Chen Yanni and He Yaodong will serve as the chairpersons of the China Operations Committee to jointly promote the further development of the company's overall business in China and better allocate JPMorgan Chase's global network and resource advantages to China.
Appointment of two joint CEOs in China
It is reported that Chen Yanni and He Yaodong will report to Sjoerd Leenart, CEO of JPMorgan Chase Asia Pacific, and serve as members of the JPMorgan Chase Asia Pacific Leadership and Management Committee.
Chen Yanni joined JPMorgan Chase in 2020 as the Head of Real Estate Investment Banking in the Asia Pacific region. She further expanded her responsibilities and also served as the Head of Consumer and Retail Investment Banking in the Asia Pacific region. JPMorgan Chase stated that Chen Yanni has been working in the capital market for over 20 years, and the company believes that her profound understanding of the banking industry, comprehensive professional knowledge in the company's financial field, extensive industry resources, and excellent customer communication skills will help her elevate the company's strategic dialogue with Chinese clients and regulatory authorities to new heights in her new position.
He Yaodong has over 25 years of rich experience in the financial industry and has held multiple senior management positions in the company, including Chief Operating Officer in China, Director of Financial Control in the Asia Pacific region, Chief Financial Officer in the Asia Pacific region, and Chief Administrative Officer in the Asia Pacific region. He is also a member of the Asia Pacific Leadership and Management Committee of JPMorgan Chase. JPMorgan Chase stated that the company believes that his extensive experience in cross business, cross regional, and cross departmental management will bring valuable value to his new position. Meanwhile, He Yaodong will continue to serve as the Chief Financial Officer of the Asia Pacific region.
Current CEO of China, Liang Zhiwen, will retire within the year
Earlier this year, J.P. Morgan Chase China CEO Leung Chi wen announced his retirement within the year. In the coming months, Chen Yanni and He Yaodong will work together with Liang Zhiwen to ensure the smooth handover of various responsibilities.
According to public information, Liang Zhiwen has worked at JPMorgan for 25 years and has worked in China, Singapore, and Japan. He began his career in the interest rate derivatives trading department and later worked in trading departments such as emerging markets, credit cross products, and stock derivatives, as well as serving as the global head of stock brokerage business. In 2018, Liang Zhiwen was appointed as the CEO of JPMorgan Chase China, responsible for managing various onshore and offshore businesses of JPMorgan Chase China.
JPMorgan Chase has made a series of progress in its business in China in recent years, mainly providing customers with diversified products and services through four wholly-owned legal entities in China.
In terms of local corporate banks, JPMorgan Chase Bank (China) Limited was established in 2007 and was the first foreign-funded bank headquartered in Beijing. In recent years, the group has continuously strengthened its investment in local corporate banks, increasing registered capital by RMB 2 billion and RMB 2.5 billion respectively in 2009 and 2012. In 2020, JPMorgan Chase Group once again increased its capital by RMB 1.5 billion to local corporate banks. In 2021, JPMorgan Chase also expanded its commercial banking business in China, leveraging the group's global network and market expertise to provide services to medium-sized enterprises headquartered in China, helping them better expand into international markets.
In the securities industry, in August 2021, JPMorgan Chase Securities (China) Co., Ltd. was approved to become the first foreign-funded wholly-owned securities company in China, and began to achieve sustained profitability in the second year. Next, the company will continue to provide comprehensive financial products and services to Chinese and international clients, including securities brokerage, securities investment consulting, and securities underwriting and sponsorship.
In the field of futures, JPMorgan Chase's futures business was approved by the China Securities Regulatory Commission in 2020, becoming the first fully foreign-owned futures company in China. JPMorgan Chase stated that having a wholly-owned futures business in China can help the company further strengthen its China platform and better assist domestic and foreign clients in clearing listed commodity, equity, and fixed income derivative contracts through onshore exchanges in China.
In the field of asset management, in January 2023, Morgan Asset Management announced that it had obtained approval from the China Securities Regulatory Commission to complete the acquisition of its joint venture company, Shangtou Morgan Fund Management Co., Ltd., officially becoming the first foreign-funded asset manager to fully acquire a Chinese onshore fund company. In addition, Morgan Asset Management's transaction to increase capital and hold 10% equity in CMB Wealth Management was approved by the former China Banking and Insurance Regulatory Commission in December 2021 and completed in May 2022.
JPMorgan Chase stated that as a "bridge" connecting the international and Chinese financial markets, its goal is to help more Chinese companies go global, while also assisting more overseas investors and companies to understand and enter the increasingly mature Chinese market. I believe that after a more comprehensive license plate and global product landing, JPMorgan Chase can continue to introduce more excellent products and platforms to China, and focus on meeting the needs and development stages of the Chinese market, so as to be closer to domestic customers in China and provide them with more customized and innovative solutions.