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Goldman Sachs Loses Key Asia Bankers Amid Regional Challenges
17 Apr
Summary
- Two senior Goldman Sachs bankers in Asia are planning departures.
- Exits highlight ongoing challenges for US lenders in the region.
- Talent is shifting to steadier industries due to volatile bonuses.
Goldman Sachs is experiencing further senior departures from its Asia operations, with two key bankers planning to leave after seven years with the firm. Dawei Huang, co-head of China technology, media, and telecommunications, intends to leave the banking sector for a technology company. Samuel Thong, responsible for health-care investment banking across Asia excluding Japan, is also expected to depart.
These exits reflect broader challenges for global investment banks in the region, particularly in Hong Kong and mainland China, which are crucial for IPO and M&A activity. Volatile bonus structures have incentivized senior dealmakers to seek more predictable roles in other industries. Huang's departure marks the third senior exit in China for Goldman this year, following previous departures for corporate roles.
In the health-care advisory market, Thong's exit occurs as competitors like Morgan Stanley and Citigroup have shown stronger performance in Asia excluding Japan since 2024. Despite a surge in dealmaking and cross-border investments, Goldman has reportedly lagged behind rivals in securing prominent mandates.
