In a move that suggests a new drive into China, JPMorgan has hired Carl Walter from CICC to be its chief operating officer for China.
Walter is an 'old China hand' if ever there was one. A fluent-Mandarin speaker, and a resident of Beijing for nearly as long as the Great Wall, he was one of only two non-Chinese working for China's top domestic investment bank. He was recruited by Morgan Stanley into CICC, its joint-venture investment bank, around 18 months ago, and held the position of COO.
Prior to that he had run CSFB's China operations.
At JPMorgan he will hope to leverage some of his relationships and local...