JPMorgan New Asia Pacific Chief Appointed

JPMorgan Chase & Co. JPM has named Filippo Gori to be its new Asia Pacific (APAC) CEO.

What Happened

Gori will head strategy and operations in 17 markets in the APAC region. He will retain his present positions as head of banking in Asia Pacific and as the Hong Kong chief executive, according to Reuters. 

The veteran banker has two decades of experience at JPMorgan and will be in charge of 17 markets in the APAC area. He takes over from Nicolas Aguzin, who served as the region's CEO since 2013 and will manage JPMorgan’s international private banking business.

Why It Matters

JPMorgan reported a record full-year 2019 net income of $36.4 billion. The bank generated a net income of $8.5 billion in Q4 2019.

Jamie Dimon, CEO of JPMorgan, said in the results statement that the bank added 70 new branches in 16 new markets and became the first U.S. bank to be approved for a majority-owned securities business in China.

What Else Is There

JPMorgan was selected to launch the initial public offering of the  Korean Boy Band BTS’ label Big Hit Entertainment recently. 

Price Action

JPMorgan shares traded 0.64% lower at $126 in the after-hours session on Wednesday. The shares had closed the regular session 0.30% higher at $126.64.