JPMorgan Hires HSBC's Wu as Head of China-Incorporated Unitby
Brett Krause, who held the post, to leave bank after two years
Wu was deputy head of HSBC's global banking business in China
JPMorgan Chase & Co. hired Julia Wu from HSBC Holdings Plc to head its China-incorporated unit, replacing Brett Krause.
Wu will join Beijing-based JPMorgan Chase Bank (China) Co. as president, subject to regulatory approval, Marie Cheung, a spokeswoman in Hong Kong, said Friday by telephone. Wu was most recently deputy head of global banking business in China at HSBC, where she worked for the past four years, Cheung said.
Prior to HSBC, Wu spent 11 years at Frankfurt-based Deutsche Bank AG where she held a number of senior leadership positions including general manager of its Shanghai branch and head of corporate banking coverage and transaction banking for China. Wu earned a Master of Business Administration from Provo, Utah-based Brigham Young University in 1990, according to a LinkedIn.com profile.
Krause is departing to pursue other career opportunities, Cheung said. He was named president of the China-incorporated division in July 2014 after joining JPMorgan six months earlier. He also served as the New York-based bank’s head of treasury services for Greater China.
Prior to JPMorgan, Krause was Citigroup Inc.’s senior country officer in Vietnam, responsible for business development, franchise governance and managing regulatory and government relationships. He also held numerous senior roles at Citigroup, including head of e-business at the company’s Japan corporate and investment bank.
Krause earned a Bachelor of Science degree from Georgetown University’s School of Foreign Service in Washington in 1991, and an MBA from Columbia Business School in New York in 1996, according to LinkedIn.com. He speaks Mandarin, Japanese and French.
Since its establishment in 2007, JPMorgan’s China-incorporated unit has been the main vehicle for its strategy in the country, providing links to all the bank’s wholesale businesses there.