JPMorgan hires UBS's David Li to be new China head

JPMorgan Chase & Co (NYSE:JPM) said it has hired former UBS AG banker David Li as its new China head, reinforcing its investment banking clout in the world's second-largest economy after the departure of top China banker Fang Fang in March.

Li will oversee all of JPMorgan's businesses in China, including the investment banking division that Fang ran. Li will report to Nicolas Aguzin, chairman and CEO for Asia-Pacific operations, the U.S. bank said on Thursday.

Fang, JPMorgan's chief executive for China investment banking, left the firm in March, amid a probe of JPMorgan hiring practices in Asia.

Li was most recently chairman and country head for China at UBS. He will start at JPMorgan in October, the bank said in a press release.

Li is the second top China banker to leave UBS in the last month. Managing director and head of China mergers Philip Partnow left the firm on June 18, according to a regulatory filing.

During his nine years at UBS in China, Li was instrumental in the formation of UBS's investment banking and brokerage joint venture in China, UBS Securities Co Ltd.

UBS declined to comment.