(Bloomberg) -- JPMorgan Chase & Co. is making more senior leadership changes in China, with Park Pu stepping down as chairman of its onshore securities business, people familiar with the matter said.

Pu, who is based in Shanghai, is the second top leader to leave the US bank’s operations in the country this year. He has been with the firm for close to a decade and oversaw the build-out of JPMorgan’s investment bank and securities business in mainland China over the past seven years.

He will be replaced by Lu Fang, a former official at China’s securities regulator who was appointed chief executive officer of JPMorgan Securities (China) Co. in 2022.

Greg Yu, who was most recently head of China equities and deputy general manager for the division, will assume Lu’s CEO role, the people said, asking not to be identified before an internal announcement.

A Hong Kong-based spokeswoman for JPMorgan declined to comment.

JPMorgan has poured significant resources into building out its China business, and is the only Wall Street bank that attained full control of its futures, securities and asset management businesses in China in a short span of three years. 

Its changing of the guard in China comes as the world’s second-largest economy is grappling with a growth slowdown, a deep housing downturn, and a slump in capital-markets fund-raising activities. Many global companies are de-risking from China and scaling down their operations on the mainland, while foreign investors have also dialed back their allocations to the country. 

JPMorgan informed employees about two months ago that its China CEO Mark Leung would retire after 25 years at the bank. Leung was also based in Shanghai, and will leave JPMorgan at the end of 2024. 

The bank recently named Alan Ho and Rita Chan as co-senior country officers for China, and said they will work with Leung on the leadership transition. 

JPMorgan’s senior leader departures in China come on the heels of a major management revamp in the Asia-Pacific and leadership changes globally. 

Filippo Gori, who as Asia-Pacific CEO had oversight of the bank’s expansion in China since 2016, is leaving Hong Kong to co-lead global banking in London. The firm said in February that Sjoerd Leenart would become head of the Asia-Pacific region. Grace Lin, JPMorgan’s head of China for its private bank, is also retiring from the firm this year.  

Globally, JPMorgan also reshuffled its top leadership ranks earlier this year. Daniel Pinto, who was sole head of the corporate and investment bank since 2014, now has a broader role as president of the New York-based company. Pinto had also helped to chart JPMorgan’s strategic direction in China, together with CEO Jamie Dimon.

Pu joined JPMorgan in 2015 and was head of its investment banking onshore. He was named CEO of the bank’s China securities venture when it was established in 2019. The following year, he was appointed chairman of the securities firm, taking over that role from his former longtime boss David Li Yi. The pair also previously worked together at UBS Group AG and helped set up the Swiss bank’s securities venture in mainland China in 2006.

JPMorgan’s China securities business handles underwriting, brokerage, investment advisory, principal trading and other services.  

Lu, who joined JPMorgan in 2019, previously spent 13 years at the China Securities Regulatory Commission. She has also worked at Credit Suisse Founder Securities Ltd. 

Yu, a former BNP Paribas banker, joined JPMorgan in 2006 to lead its Asia equity derivatives structuring business. He relocated to Shanghai as chief operating officer of the securities company in late 2019. 

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