Her new role as vice chair of Greater China investment banking aims to bring the firm's two businesses closer in line with each other.
J.P. Morgan Chase & Co.'s chief of Asia private banking, Kam Shing Kwang, will be taking on an additional investment banking role that focuses on Greater China, according to an internal memo, news wire «Reuters» reported.
Kwang will bring greater collaboration between the «two critical lines of business» with her new role, the memo said. The bank's vice chair for Asia Pacific, Jing Ulrich, will also take on an additional role as vice chair of investment banking for Asia Pacific.
Reuters noted that this move is in line with the recent practices of other international banks in Asia such as Credit Suisse and UBS, which have been bringing together their private banking and investment banking businesses.
Growing Asian Wealth
China's rapidly growing ranks of UNHWs are targets for most private banks in the region, which have been setting up teams to cater to the needs of wealthy Chinese.
«To successfully serve this expanding universe of clients, it’s critical that we are able to bring all of J.P. Morgan’s resources together to seamlessly meet their corporate and personal financial needs,» J.P. Morgan international private bank CEO Nicolas Aguzin and Asia Pacific head of banking Filippo Gori said in the memo, Reuters reported.
