Leung has been with JPMorgan for 25 years having joined the bank as a fixed income trader in Hong Kong. He has since held a number of management roles in the bank's Asia Pacific and global equity markets businesses.

Leung was appointed as China chief executive in 2018, the memo said.

JPMorgan became the first foreign firm to fully own a securities business and a futures and options business in China.

He will remain with JPMorgan until the end of 2024 while his successor is appointed.

A JPMorgan spokesperson confirmed the memo.

(Reporting by Scott Murdoch; Editing by Christopher Cushing)