JPMorgan gives additional role to its Asia private banking chief

FILE PHOTO: A man walks into the JP Morgan headquarters at Canary Wharf in London May 11, 2012. REUTERS/Dylan Martinez/File Photo

JPMorgan Chase & Co has given Kam Shing Kwang, its Asia Pacific private banking chief, the additional role of vice chair of Greater China investment banking, according to an internal memo, in a move to bring the two businesses closer.

In her expanded role, Kwang will bring greater collaboration between the “two critical lines of business”, said the memo sent to the U.S. bank’s staff, which was seen by Reuters on Monday. A bank spokeswoman confirmed the memo’s content.

Many global banks in Asia, including Credit Suisse and UBS, have made organisational changes in the last couple of years to closely tie their private banking and investment banking business.

The rapid wealth creation taking place in Asia Pacific, particularly in China, is driven by growing entrepreneurship, JPMorgan international private bank CEO Nicolas Aguzin, and Asia Pacific head of banking Filippo Gori wrote in the memo.

“To successfully serve this expanding universe of clients, it’s critical that we are able to bring all of JPMorgan’s resources together to seamlessly meet their corporate and personal financial needs.”

The JPMorgan memo also said Jing Ulrich, the U.S. bank’s vice chair for Asia Pacific, will take on additional role of vice chair of investment banking for Asia Pacific.

Reuters