RBI Approves Appointment of Prabdev Singh as New CEO of JP Morgan Chase: JP Morgan Chase & Co. has received permission from the Central Bank of India to name Prabdev Singh as the lender’s Chief Executive Officer in the nation. The Reserve Bank of India approved a three-year term for Prabdev Singh last week.
January 2023 Current Affairs Quiz
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 took over for Madhav Kalyan, who was appointed to lead payments in the Asia Pacific region. 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 a Delaware-incorporated American global financial services corporation with its corporate headquarters in New York City. 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.