July 11 (Bloomberg) -- JPMorgan Chase & Co. named Greg Guyett co-head of Asia-Pacific banking as part of a management shuffle in the region.
Guyett will succeed Therese Esperdy, who is returning to the U.S. to become global chairman of the financial institutions group, according to a memo obtained by Bloomberg News and confirmed by the New York-based bank.
The changes come after a management shuffle in China in the wake of a probe by U.S. regulators into JPMorgan’s Asian hiring practices. Guyett last year was named chief executive of JPMorgan’s Greater China unit, a position that is being phased out. China will now be overseen by UBS AG’s former China Chairman David Li, who is joining JPMorgan in October as head of the firm’s operations in the region.
Guyett previously ran JPMorgan’s Japan business and oversaw its global corporate bank. He will oversee investment banking, equity markets, and other operations in the Asia-Pacific with Tom DuCharme, according to the memo.
Esperdy and DuCharme became co-heads of banking for Asia Pacific in 2012. Esperdy will return to the U.S., and work with the bank’s financial services team around the world on cross- border deals, the memo states.