JPMorgan’s China Chief Quits

SHANGHAI/HONG KONG (Reuters) – Charles Li, a long-time Wall Street veteran and top boss of JPMorgan (JPM.N) in China, on Thursday confirmed media reports that he would leave the bank to pursue other interests.

When contacted by Reuters seeking confirmation of a media report that he was leaving, Li, JPMorgan China chairman said by telephone: “That’s only part of the story.”

Li declined to disclose his next job or comment further.

Earlier on Thursday, Hong Kong newspaper Ming Pao reported that Li was expected to replace Paul Chow as the new chief executive of Hong Kong Exchanges and Clearing Ltd (0388.HK), which operates the Hong Kong stock market, a popular destination for China IPOs.

The process of selecting a new CEO is now in the final stage and the exchange will announce the results in due course, the exchange said in an e-mailed statement.

A JPMorgan spokeswoman in Beijing declined to comment.

Li joined JPMorgan in March, 2003, previously working at Merrill Lynch and law firms Davis Pok & Wardwell and Brown & Wood.

Li joined Merrill in 1994 and become China president in 1999. At Merrill, Li played a role in helping China’s first batch of state-owned enterprises to list overseas.

By Samuel Shen and George Chen
(Editing by Jacqueline Wong)