(Bloomberg) -- JPMorgan Chase & Co.’s top executive at its securities business in China, Houston Huang, is stepping aside and is being replaced by his deputy as the Wall Street bank ramps up to tackle slowing growth in the world’s second-biggest economy.

Huang will hand over the role of chief executive officer of JPMorgan Securities (China) Co. to Lu Fang, a former official at China’s securities regulator, said people familiar with the matter, asking not to be named because the matter isn’t public. Huang will remain head of mainland China investment banking to dedicate more time to important clients in the region, one of the people said.

Lu, who joined the bank in 2019, has also worked at Credit Suisse Founder Securities Ltd. and spent 13 years at China Securities Regulatory Commission. She’s expected to help drive local dealmaking for the bank, one of the people said.

JPMorgan, which in 2021 became the first Wall Street bank to win full control of its China securities operation, is reorganizing its mainland operations to add further momentum after already reaching profitability, the people said. The New York-based bank, like other global rivals, is ramping up in China against a backdrop of U.S.-China tensions, a string of regulatory crackdowns and threats to economic growth from a growing virus outbreak. 

The bank also named James Cheng as deputy head of investment banking in China, a person said. It recently named Greg Yu, the securities unit’s former chief operating officer, as head of China equities, replacing David Xu, who will leave by end of this month, the people said. 

Huang relocated from Hong Kong in late 2020 and took over the top job just a little more than a year ago. He helped oversee the bank raising its stake to 100% in its mainland securities operations, a key step in fueling an expansion. The lender will make an internal announcement on Huang stepping aside on Thursday. He will cease to be the official legal representative of the business, a role that requires regulatory approval in China, the people said. 

A spokesperson from the bank declined to comment. 

Huang joined JPMorgan in 2015 in Hong Kong as head of China investment banking. He has also worked five years at Goldman Sachs Group Inc. where he headed the China diversified industrial group and 11 years at China International Capital Corp.

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