JPMorgan Chase arranged for Todd Marin and Catherine Leung to leave the bank to prevent them from collecting equity grants before the completion of a probe into the company’s hiring practices in Asia, according to people familiar with the matter.
Bloomberg News reports that the departure of 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.
Leung, vice chairman of Asia investment banking, is also leaving JPMorgan, according to a person with knowledge of the matter. Neither returned phone calls or e-mails seeking comment. Neither has been accused of wrongdoing.
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, JPMorgan said in the memo.
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