By WSJ Staff
Frank Gong, who was promoted to chairman of investment banking
for China for JPMorgan Chase & Co. in March, is leaving the
bank, a person familiar with the matter said Wednesday.
Mr. Gong will stay "for a while to manage the transition", the
person said, but he hasn't given a specific date for his
departure.
Mr. Gong announced his plans to retire Tuesday, the person
said.
Mr. Gong was appointed the U.S. bank's China investment banking
head when the company reshuffled its leadership.
That same month, Fang Fang, who was chief executive for China
investment banking and vice chairman of investment banking in Asia,
retired amid a U.S. investigation into the bank's hiring practices
in the region. Mr. Fang was replaced by two other J.P. Morgan
executives, Brian Gu and Jing Zhao, who were made co-heads of
investment banking for China.
Mr. Gong rose to prominence at J.P. Morgan as an economist and
foreign-exchange strategist before switching to investment banking
in 2009. He attracted attention in the middle of the last decade
for predicting that China would revalue the yuan and later for his
expectation that China would unveil a huge stimulus package in the
wake of the 2008 financial crisis.
Bloomberg reported Mr. Gong's departure plans earlier. He
couldn't immediately be reached for comment.
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