Goldman’s Co-Head of Investment Banking in China to Exit

(Bloomberg) -- Goldman Sachs Group Inc.’s co-head of China investment banking, Hansong Zhu, plans to depart, joining a spree of senior partners who’ve recently left.

Zhu, a 19-year company veteran, also runs the firm’s industrial and natural resources banking group for Asia excluding Japan. The New York-based firm announced his exit in a memo to staff on Wednesday.

Zhu is the third partner to depart Goldman’s investment banking operations in Asia this year after Todd Leland took over that business last October, reshuffling the unit with several senior hires. Wei Cai, who was hired last year, will become sole head of China investment banking, a company spokesman said, confirming the memo’s contents.

The moves come as Goldman Sachs seeks regulatory approval to buy a majority stake in its investment banking joint venture in China, setting the stage for eventually gaining full control.

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