19 July 2019

Top JP Morgan China exec expected to resign, WSJ says

One of J.P. Morgan Chase & Co.’s top China executives is expected to resign amid a probe of the US bank’s Asian hiring practices, the Wall Street Journal reported Sunday, citing people familiar with the situation. Fang Fang, who is chief executive for China investment banking and vice chairman of investment banking in Asia, decided to leave the largest US bank after more than a decade of deal-making, and an internal announcement about his resignation could come as early as Monday, the sources said. J.P. Morgan has provided US prosecutors with emails from Fang discussing the hiring of the son of China Everbright Group chairman Tang Shuangning, the sources said. Investigators are trying to find out whether the son’s employment helped the bank win assignments from Everbright, and if this is in violation of the Foreign Corrupt Practices Act, the report said. Fang hasn’t been accused of any wrongdoing, it added.

– Contact HKEJ [email protected]


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