Prosper Marketplace, a rival to Lending Club in the world of arranging personal loans over the internet, has replaced its chief executive officer six months on from a big cull of staff prompted by a slump in its core business, reports FT.com. Prosper said that Aaron Vermut, its chief executive since March 2014, would stand aside for David Kimball, who joined the company in March this year as chief financial officer. Vermut will remain on the board of directors. Nicolas Aguzin, chairman and CEO of JP Morgan Asia Pacific, said in a recent interview with Caixin that his bank remains committed to a long-term presence in China. This is despite the Wall Street heavyweight's plans to sell its 33 per cent stake in a Beijing-based securities firm to its Chinese partner. Aguzin went on to suggest that giving foreign institutions more control over their operations in China and greater access to the Chinese market would open up opportunities that are "really worth considering".