India’s Central Bank has approved JP Morgan Chase & Co. to appoint Prabdev Singh as the lender’s Chief Executive Officer in the Country. The Reserve Bank of India approved a three-year term for Prabdev Singh last week.
RBI Approves Appointment of Prabdev Singh as New CEO of JP Morgan Chase – Key Points
- Prabdev Singh has been JPMorgan’s interim CEO since November.
- He has replaced Madhav Kalyan who was named as the head of payments in the Asia Pacific.
- The Wall Street firm, JPMorgan, traces its presence in India back to 1922 and started commercial banking operations in the country about 15 years ago.
- JPMorgan has four commercial bank branches in the country.
- Prabdev Singh is a trained engineer and has worked for a decade at HSBC Holdings Plc before joining JPMorgan in 2010.
About JPMorgan Chase
JPMorgan Chase & Co. is an American multinational financial services company headquartered in New York City and incorporated in Delaware. It is the largest bank in the United States and the world’s largest bank by market capitalization. As the largest of the Big Four banks, the firm is considered systemically important by the Financial Stability Board.
Its size and scale have led to enhanced regulatory oversight as well as the maintenance of an internal “Fortress Balance Sheet” and liquidity reserves. The firm is headquartered on 383 Madison Avenue in Midtown Manhattan and is set to move into the under-construction JPMorgan Chase Building in 2025.