JPMORGAN Chase has appointed 48 executives across Asia and more than 100 in Europe, the Middle East and Africa to managing director positions as part of a global promotion round.
The employees are located across different countries and business lines, according to people familiar with the matter. In EMEA, women took a third of the promotions, one of the people said. A spokeswoman for the bank declined to comment.
These changes come as the US bank continues to revamp its leadership in the region. Filippo Gori, who previously led the Asia-Pacific region, is leaving Hong Kong to co-lead global banking in London, and the firm said in February that Sjoerd Leenart would replace him.
Grace Lin, head of China for JPMorgan’s private bank, is also retiring this year, while Park Pu recently stepped down as chairman of its China onshore securities business.
JPMorgan earlier this month reported net interest income that slightly missed analyst estimates, a sign that the benefits of higher interest rates may be waning as the bank is pressured to pay out more to depositors. That ended a streak of seven quarters where it posted record levels of the metric.
Chief executive officer Jamie Dimon attributed the decline to deposit margin compression – the tightening of profits between what the bank earns on loans and pays out on deposits – and lower deposit balances in the consumer business. BLOOMBERG
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