JPMorgan Hires Goldman Veteran Yi Zhang to Co-Head China Investment Banking

JPMorgan Chase pulled Yi Zhang from Goldman Sachs to serve as co-head of China investment banking, according to an internal memo reviewed by Reuters, with Zhang set to join alongside existing co-head Michelle Wang sometime this summer.

Zhang most recently led China industrials coverage at Goldman Sachs and brings 22 years of investment banking experience, according to the memo. Goldman Sachs declined to comment on the departure, and Zhang did not immediately respond to a request for comment via LinkedIn.

The hire reshuffles JPMorgan's existing China investment banking leadership. David Lau, who currently shares the co-head title, will move into a broader regional position as vice chair of investment banking for Asia Pacific. The memo outlined specific responsibilities for Lau in the new role: leading coverage for key Hong Kong-based clients, deepening ties with Hong Kong regulators, and continuing to oversee the bank's Asia Pacific healthcare practice.

Zhang's appointment is part of an accelerating hiring push at JPMorgan. A bank spokesperson confirmed the memo's contents and noted JPMorgan has made over a dozen investment banking hires in the past year. In December, the bank brought on Yu Chikami, another former Goldman Sachs banker, as Japan co-head of investment banking. Senior recruits in 2025 also included Jane Wu, hired as head of China healthcare investment banking, and Dragi Ristevski, poached from Macquarie to be co-head of general industrials and head of financial sponsors for Australia and New Zealand.

The staffing expansion reflects conditions across Asia Pacific that have made senior dealmakers scarce. A surge in IPO activity in Hong Kong and strong M&A markets in Japan and Australia have pushed up demand for experienced bankers across the region. JPMorgan is not alone in responding: Morgan Stanley and Citi have also made hires to handle the increased deal volume.

For Goldman, Zhang's exit is the second time in recent months that JPMorgan has drawn directly from its China and Japan banking ranks, underscoring the competitive pressure the firm faces in retaining senior Asia talent as regional deal activity intensifies.