JPMorgan Chase & Co.’s Michelle Chen, a former senior China technology banker, will join the bank’s asset and wealth management division in Hong Kong, according to a memo seen by Bloomberg News.
(Bloomberg) — JPMorgan Chase & Co.’s Michelle Chen, a former senior China technology banker, will join the bank’s asset and wealth management division in Hong Kong, according to a memo seen by Bloomberg News.
Chen, the bank’s former co-head of China technology, media and telecommunications, will lead the bank’s 23 Wall efforts in North Asia, reporting to Natacha Minniti, the head of the team for Asia-Pacific, Europe, Middle East and Latin America, according to the memo. A spokeswoman at the bank declined to comment.
23 Wall is a global team that sits between the investment bank and private bank to give families and entrepreneurs access to the firm’s intellectual capital, balance sheet, and global deal flows, according to JPMorgan.
Chen, who joined JPMorgan in 2009, earlier departed from the corporate and investment bank as the division’s revenue dropped amid shrinking deal flows. The New York-based bank this week started cutting about 30 investment bankers in Asia, with a majority of those affected based in Greater China.
Wall Street firms including Goldman Sachs Group Inc. and Morgan Stanley have cut bankers focusing on technology amid a broad crackdown on the sector and its rich founders over the past year. Warburg Pincus LLC cut about seven China dealmakers in October as the private equity firm weighs scaling back consumer Internet investments.
A former Morgan Stanley banker, Chen has almost 20 years of experience and led coverage of key clients in Greater China, including large-cap corporates, unicorns and venture capital firms, the memo said.
–With assistance from Denise Wee.
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