JPMorgan sees changes at top

JPMorgan said yesterday that it has appointed Zili Shao, a managing partner at law firm Linklaters' Asia, to be chairman and chief executive of its China business.

The United States bank said it had also appointed Fang Fang, chief executive of J.P. Investment Banking China, as vice-chairman of its Asia Investment Banking operations.

The move comes as Western banks seek to bolster their China operations as Chinese firms focus on regional and global expansion.

Fang would lead the firm's investment banking strategy and business development efforts involving China and all markets across Asia including Japan, Australia and India, the bank said in a statement.

JPMorgan said Shao's role as CEO would strengthen the firm's senior China management and help develop additional financial products and services for corporate and investor clients.

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