Business

JPMorgan Asia Promotes David Lau, Poaches Yi Zhang from Goldman
By Reuters | 16 Mar, 2026

The moves come as the investment banking arm sees a surge in Hong Kong IPOs and rising M&A activity in Japan and Australia.

JPMorgan Chase has hired Yi Zhang from Goldman Sachs as co-head of China investment banking, in the latest of a series of new hires to strengthen its Asia banking business, according to an internal memo on Tuesday reviewed by Reuters.

Zhang will join in the summer and will work alongside Michelle Wang, who remains co-head of China investment banking, the memo said.

A spokesperson for JPMorgan confirmed the content of the internal memo, adding the bank has made over a dozen investment banking hires in the past year.

The moves come as a surge in initial public offerings in Hong Kong and buoyant M&A activity in Japan and Australia have pushed up demand for talent in the region.

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. Zhang did not immediately respond to a request for comment via LinkedIn.

JPMorgan's current co-head of China investment banking, David Lau, will take on a broader regional role as vice chair of investment banking for Asia Pacific, the memo said. 

Lau will lead coverage for some of bank's key Hong Kong-based clients, deepen ties with Hong Kong regulators and continue to oversee the bank's Asia Pacific healthcare practice, the memo said.

In December, JPMorgan hired Yu Chikami, another former Goldman alumnus, to be its Japan co-head of investment banking.

Senior recruits in 2025 also included Jane Wu, whom the bank hired as head of China healthcare investment banking, and Dragi Ristevski, whom it poached from Macquarie to be co-head of general industrials and head of financial sponsors for Australia and New Zealand.

Wall Street banks including Morgan Stanley and Citi have all made hires to cope with the increasingly demanding deal flow.

Reuters reported in August 2025 that JPMorgan had hired more than 300 bankers between January and April across its global banking unit.

(Reporting by Yantoultra Ngui in Singapore and Kane Wu in Hong Kong; Editing by Sonali Paul)