Deals
JPMorgan Weighs Exiting China Venture as Banks Seek Control
- Seeks new partnership, greater control, person familiar says
- U.S bank remains ‘fully committed’ to business in China
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JPMorgan Chase & Co. is in talks to sell its stake in a Chinese investment-banking joint venture, a sign that foreign banks are getting frustrated with partnerships they can’t control.
The New York-based bank is in talks to sell its minority stake in JPMorgan First Capital Securities to its local partner, First Capital Securities Co., according to a statement from the Chinese firm on Thursday. No agreement has been reached, according to the statement.