(Bloomberg) -- JPMorgan Chase & Co. named Florence Kui as head of China market for its private bank, amid broader changes to its overall leadership overseeing operations in the world’s second largest economy.   

Kui, who will be based in Hong Kong, is joining the firm at the end of May, according to a statement. She will succeed Grace Lin, who is retiring from the bank after eight years, and report to Harshika Patel, the regional chief executive of the Asia private bank. 

She joins from Goldman Sachs Group Inc., where she had a 25-year career. Most recently, she was chief operating officer of a unit within Goldman’s asset management business in Asia. Before that, Kui was Goldman’s deputy head of North Asia for the private wealth management business.

Kui will be responsible for leading the regional team dedicated to serving offshore wealth needs of ultra-high-net-worth clients in China. She will also focus on building and deepening client relationships. 

JPMorgan this month made more senior leadership changes in China, with Park Pu stepping down as chairman of its onshore securities business. The changing of the guard in China comes as the nation is grappling with a growth slowdown, a deep housing downturn, and a slump in dealmaking. 

The collapse in Chinese real estate has wiped out more than $100 billion from the fortunes of tycoons. Hong Kong’s IPO market, which generated wealth for Chinese entrepreneurs, is also in the doldrums, and wealthy clients have been burnt by China property defaults. 

The lender last year rejigged its top leadership at the private bank in Asia, naming Patel as its the new chief executive officer of the region to replace Kam Shing Kwang, who became chairwoman of North Asia.

(Adds details on Hong Kong IPOs market in sixth paragraph. Company corrected most recent title for Kui in previous version of this story.)

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