JPMorgan Chase & Co.’s joint venture in China promoted Ren Jin to chief executive officer, replacing Bei Duoguang, according to a memo obtained by Bloomberg News.
Bei will remain with the firm, called JPMorgan First Capital Securities Co., as vice chairman and focus on client relationships, the memo showed. Lisa Liang, a Beijing-based spokeswoman for JPMorgan, confirmed the memo’s contents.
Ren, who joined the China venture in June 2012 as deputy CEO and head of investment banking, was previously at Bank of China Ltd. and its investment-banking unit for 24 years, according to the document.
New York-based JPMorgan started offering underwriting in China in 2011, after forming a joint venture with First Capital Securities Co. Goldman Sachs Group Inc. was the first Wall Street firm to win an underwriting license in China in 2004.
JPMorgan First Capital ranked no. 24 in arranging domestic Chinese stock sales last year, according to data compiled by Bloomberg.