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JPMorgan's Marin exits top role in Asian management shuffle
[HONG KONG] Todd Marin is exiting JPMorgan Chase & Co, the most senior investment banker to leave the firm in Asia since 2012, as it shuffles management in the region.
The departure of Mr Marin, Asia-Pacific vice-chairman of investment banking and a 26-year veteran of the company, was announced to staff this week in an internal memo seen by Bloomberg News.
Catherine Leung, vice-chairman of Asia investment banking, is also leaving JPMorgan, according to a person with knowledge of the matter.
Mr Marin is the most senior person to leave since former Asia-Pacific chief executive officer Gaby Abdelnour. Mr Marin's exit comes after at least six of the company's senior bankers changed roles, quit or prepared to depart over the past 12 months in Asia. He'll stay in Hong Kong, teaching at the Chinese University of Hong Kong, the memo said.
The reshuffling of senior managers in Asia comes as JPMorgan faces challenges including a probe by US regulators into its hiring practices in the region.
Both Mr Marin and Ms Leung were connected to the investigation, the Wall Street Journal reported, citing unidentified people. The two have stock options vesting soon and JPMorgan didn't want them to receive them, according to the newspaper. Marie Cheung, a spokesman for the firm in Hong Kong, declined to comment. Mr Marin and Ms Leung didn't immediately return phone calls and emails seeking comment.
In additional changes, Greg Guyett and Tom DuCharme are looking at other roles in the company, moving from their jobs as co-heads of Asia-Pacific banking, while CEO Nicolas Aguzin is adding their former responsibilities to his, according to a separate internal memo.
JPMorgan fell to fifth place last year among advisers on acquisitions involving companies in Asia Pacific from third in 2013, according to data compiled by Bloomberg. The company ranked seventh among arrangers of equity offerings in the region, down from fifth, the data show.
The moves by Mr Marin, Ms Leung, Mr Guyett and Mr DuCharme add to changes for leading bankers Frank Gong, Fang Fang, Shao Zili and Therese Esperdy.
Mr Gong, the chairman of China investment banking, is leaving after less than a year in that role, people with knowledge of the matter said last month.
His predecessor Mr Fang resigned in March last year.
Hong Kong's anti-corruption agency earlier seized computer records and documents after searching Mr Fang's office, two people with knowledge of the matter said at the time.
Shao Zili, former China chairman and CEO, shifted last year to the role of Asia-Pacific vice-chairman. Ms Esperdy, another previous co-head of Asia-Pacific banking, returned to the US last year.
Mr Marin joined JPMorgan in 1989 and spent 13 years in the company's New York office as a member of the mergers and acquisitions group before relocating to Hong Kong to lead the Asian M&A business in 2002. Prior to being appointed vice-chairman, Mr Marin was head of Asia Pacific investment banking from 2004 to 2012.
With the backing of then-Asia Chairman Ralph Parks, Mr Marin built JPMorgan's M&A advisory team in China, according to a Bloomberg interview with Marin in 2008.
Under his leadership, the number of investment bankers at JPMorgan dedicated to China grew to more than two dozen in 2008 from five in 2001, he said at the time.