JPM CN CEO Says Expansion Taking Longer than Expected, Will Continue to Invest in CN

JPMorgan Chase & Co.’s China CEO Mark Leung remarked that the group's expansion in China is taking longer than anticipated. The group, however, remains committed to its investment strategies in China and has been progressing satisfactorily, Leung added.

The recent economic downturn of China and fierce domestic competition environment have sapped the impetuses of Wall Street banks to develop their business presence in China. Leung said JPMorgan hopes to outstrip its domestic peers by leveraging its cross-border trading business.