Bloomberg News reports that as senior country officer for China, Li will be responsible for JPMorgan’s businesses and products in the country, according to the memo, which was confirmed by Marie Cheung, a Hong Kong-based spokeswoman.
Li, who was also previously UBS’s country head for China, will join JPMorgan in October and be based in Beijing, the document showed.
Li replaces Zili Shao, JPMorgan’s former China chairman and chief executive officer, who was named the bank’s Asia-Pacific vice chairman in April.
In the meantime Bloomberg also reports that Fortress Investment Group have hired Adam Siegel, a former trader at Royal Bank of Scotland, to expand its mortgage business.
Siegel started this week as a managing director at $62.5bn Fortress, according to a person with knowledge of the matter, who asked not to be named because the information is private. He was formerly co-head of mortgage and U.S. corporate trading at Edinburgh-based RBS’s securities unit, after joining in 2008 from Bear Stearns Cos, according to Financial Industry Regulatory Authority records.