JPMorgan hires UBS' David Li as China head

JPMorgan Chase & Co, the biggest US bank, hired UBS AG's former China Chairman David Li to lead the Wall Street firm's operations in the Asian nation.

Li will be responsible for JPMorgan's businesses and products in China, according to a memo, which was confirmed by Marie Cheung, a Hong Kong-based spokeswoman. Li 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.