【Talent War】Investment Banking Faces Talent Battle! Goldman Sachs' 19-Year Veteran Zhang Yi Joins Morgan Stanley as China Investment Banking Co-Head; Liu Baixiao Promoted to APAC Investment Banking Vice Chair

SocialAnxietyStaker · 2026-03-17T07:01:57+00:00

As Asia's financing market becomes more active, competition for talent among top investment banks intensifies. Zhang Yi will join JPMorgan Chase from Goldman Sachs this summer to serve as co-head of China investment banking. Liu Bowei will simultaneously be promoted to vice chairman of Asia-Pacific, focusing on Hong Kong operations. Goldman Sachs' loss of two senior executives in a short period has drawn attention, with Zhang Yi's departure being of particular note.

SocialAnxietyStaker

2026-03-17 07:01:57

Abstract generation in progress

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

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.

Goldman Sachs Loses Two Key Executives

For Goldman Sachs, Zhang’s departure marks the second senior China business executive to leave within just two months. The previous was Cai Wei, Global Vice Chairman of Investment Banking, who retired in January this year.

Zhang Yi Profile

Zhang Yi joined Goldman Sachs in 2007 and has worked there for over 19 years. He was promoted to Managing Director in 2017 and is part of Goldman Sachs’ core China business entity, Goldman Sachs Gao Hua Securities.

View Original

This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.