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JPMorgan names new China CEO

JPMorgan Chase & Co. appointed Mark Leung, co-head of global equities and prime services, the new CEO of its China operations.

The U.S. bank, which is seeking a controlling stake in a domestic securities joint venture in China, said Leung will be responsible for managing its onshore and offshore activities in China. Leung, who started as a trader of rates derivatives, has been with the bank for 21 years, the bank said.

Jason Sippel will become the sole head of global equities and prime services after Leung takes over the new role, the bank said.

Meanwhile, David Li, the bank's senior country officer for China, will become a vice chairman of global banking.