Frank Gong plans to retire as JP Morgan’s China investment banking chairman, according to two people familiar with the situation.
Gong’s decision is a surprise as he has only been in the role for about 10 months. In March 2014, then chief executive of China IB Fang Fang retired after 12 years with the firm.
There will be a transition period before Gong leaves the company.
During that period, Brian Gu and Jing Zhao, co-heads of investment banking in China, will take on Gong’s responsibilities and continue running day-to-day management of the China IB team, said a source close to the company. Gu and Zhao were appointed co-heads in March 2014.
Gong, one of most senior investment bankers in China, announced his retirement plan yesterday on an internal call, according to one source.
He was JP Morgan’s vice-chairman of China investment banking and chairman of China diversified industry clients before he was named the chairman. He was previously head of China research and chief economist for China research.
Fang Fang retired from JP Morgan amid US regulators’ investigations on whether the bank breached the Foreign Corrupt Practices Act by hiring the children of Chinese government officials in order to win investment banking contracts.
A spokeswoman for the bank declined to comment on the investigations aside from saying that JP Morgan was cooperating with regulators.
Gong could not immediately be reached for comment.