【Talent Poaching】Goldman Sachs 19-Year Veteran Zhang Yi Joins JPMorgan Chase; Liu Bowei Promoted to Vice Chairman of Asia-Pacific Investment Banking; At Least 6 Asian "Bankers" Move to Private Enterprises

As activity in the Asian financing market heats up, the competition for top talent among leading investment banks has intensified. Bloomberg reports that Yi Zhang, Managing Director at Goldman Sachs Gao Hua Securities, will officially join J.P. Morgan this summer as Co-Head of China Investment Banking, working alongside current Co-Head Michelle Wang.

Liu Bowei Promoted to Asia-Pacific Vice Chairman

According to a recent internal memo from J.P. Morgan, in addition to Zhang’s arrival, the bank announced significant personnel changes. Liu Bowei, the current Co-Head of China Investment Banking, will be promoted to Vice Chairman of Asia-Pacific Investment Banking, focusing on strengthening relationships with Hong Kong clients, enhancing communication with Hong Kong regulators, and overseeing the firm’s healthcare industry operations across the Asia-Pacific region.

A J.P. Morgan spokesperson confirmed the memo’s contents and emphasized that the bank has actively expanded its team over the past year, hiring more than a dozen senior investment banking professionals. Zhang has been with Goldman Sachs since 2007, accumulating over 19 years of experience. He was promoted to Managing Director in 2017 and is part of Goldman Sachs Gao Hua Securities, the core Chinese business entity of Goldman Sachs.

Goldman Sachs Loses Two Key Executives

For Goldman Sachs, Zhang’s departure marks the second senior China business leader to leave within two months, following the retirement of Global Investment Banking Vice Chairman Cai Wei in January.

At Least Six Asia-Pacific Dealmakers Switch to Private Sector

In the face of fierce talent competition among investment banks and ongoing M&A activity, private companies are also reaching out to experienced investment bankers, hoping to leverage their expertise to strengthen their teams.

Reports indicate that at least six senior bankers involved in Asia-Pacific deal-making have resigned to join private enterprises. These include three bankers from J.P. Morgan: Virginia Zhang, Managing Director of Energy Investment Banking; Lingling Chen, Executive Director of the China team; and Jeff Zhou.

Additionally, Horace Liang, Managing Director of M&A at Citigroup’s Asia-Pacific team, recently resigned to join a tech company. Kenneth Sun, head of Healthcare Investment Banking at Morgan Stanley Asia-Pacific, will join Royalty Pharma, the world’s largest biopharmaceutical acquirer, to lead its regional operations. Vijay Vaidyanathan, a veteran with 25 years at Morgan Stanley, is set to join Singapore Telecommunications later this year as Group CFO.

Representatives from J.P. Morgan, Morgan Stanley, and Citigroup declined to comment. The aforementioned bankers either did not respond or did not immediately reply to requests for comment.