New chairman for JPMorgan Asia Pacific

Prior to the appointment, which is effective immediately, Parks was JPMorgan's chief operating officer for investment banking in Western Europe. He replaces Anthony Leung, recently appointed as Hong Kong's new Finance Secretary.

Parks, who will shortly relocate from London to Hong Kong, reports jointly to Geoff Boisi and Don Layton, co-CEOs of global investment banking at the group.

Commenting on the appointment, Layton says: "Ralph brings a wealth of investment banking and international experience to his new position.

"Altogether he has more than 30 years of global investment banking experience, including previous assignments in Hong Kong and London," he adds.

Prior to joining JPMorgan last year, Parks was a partner at The Beacon Group and Goldman Sachs, where he most recently headed the firm's investment banking division in Europe and Canada.

"I am delighted to be returning to Asia Pacific," Parks says. "Our unique platform is especially strong there and I look forward to building on its success."