JPMorgan Recruits Goldman Executive to Lead China Banking Operations

JPMorgan Chase has recruited Yi Zhang from Goldman Sachs to serve as co-head of its China investment banking division. The hire is part of a broader expansion strategy as Wall Street firms compete for talent amid increased deal activity in Asia.

JPMorgan Chase has successfully recruited a senior Goldman Sachs executive to bolster its Asian operations, according to an internal company memo reviewed by Reuters on Tuesday.

Yi Zhang will assume the role of co-head of China investment banking this summer, working in partnership with Michelle Wang, who will continue in her existing co-leadership position, the memo revealed.

A JPMorgan representative verified the memo’s contents and noted that the financial institution has brought on more than twelve investment banking professionals over the past year.

This recruitment drive reflects the heightened competition for skilled professionals as initial public offering activity surges in Hong Kong and merger and acquisition deals flourish across Japan and Australia.

Zhang brings extensive expertise to his new position, having most recently managed China industrials coverage at Goldman Sachs with 22 years of investment banking experience under his belt, the internal communication stated.

Goldman Sachs chose not to provide comment on Zhang’s departure, and Zhang himself has not responded to outreach attempts through LinkedIn.

The personnel changes also include a promotion for David Lau, JPMorgan’s existing China investment banking co-head, who will transition to a broader position as vice chair of investment banking for the Asia Pacific region, according to the memo.

In his expanded capacity, Lau will manage relationships with several major Hong Kong-based clients, strengthen connections with Hong Kong regulatory authorities, and maintain oversight of the bank’s Asia Pacific healthcare division, the document outlined.

JPMorgan’s recruitment efforts extend beyond Zhang’s appointment. In December, the bank secured Yu Chikami, another former Goldman professional, to serve as Japan co-head of investment banking.

Additional notable 2025 hires include Jane Wu as head of China healthcare investment banking and Dragi Ristevski, recruited from Macquarie to serve as co-head of general industrials and head of financial sponsors for Australia and New Zealand.

The competitive hiring landscape extends across Wall Street, with institutions including Morgan Stanley and Citi also expanding their teams to handle the growing volume of financial transactions.

Reuters previously reported in August 2025 that JPMorgan had added more than 300 banking professionals between January and April across its worldwide banking division.