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JPMorgan Asia-Pacific Chairman, CEO to Leave
March 27, 2012
[ by Melanie Gretchen ]
JPMorgan's Chairman and CEO for the Asian-Pacific region will be leaving the bank this summer to pursue personal interests - like fresh-water fishing. CEO Jamie Dimon and IB chief Jes Stanley informed personnel in an internal memo. No ssuccessor has been named.
Gaby Abdelnour, 58, based in Hong Kong, first joined the bank in 1998 before assuming his current role in 2006. Since then, JPMorgan's revenue has doubled to $6 billion and net earnings have tripled, the memo said. While with the bank, Mr. Abdelnour has served as a member of JPMorgan's top decision-making body, the Executive Committee, and the Investment Bank Operating Committee. In Beijing in 2010, he had said he was planning a long vacation.
Expansion Asia. In China, the bank has established a securities joint venture, the opening of branches around the country, and established a locally incorporated bank in Beijing. More recently, last week, JPMorgan became the latest Western bank to invest in a Chinese trust company, taking a 19.9% state in Henan-based Bridge Trust Co., according to people familiar with the matter. [WSJ, 3/26/12].

