Goldman Sachs Group Inc. is poised to lose two senior bankers from its Asia operations, according to people familiar with the matter. Both individuals have been with the firm for seven years.
Dawei Huang, who serves as co-head of China technology, media and telecommunications (TMT), plans to exit the banking industry to take a role at a technology company, the sources said. Samuel Thong, who helps lead health-care investment banking across Asia excluding Japan, is also set to depart the firm.
Neither Huang nor Thong have officially tendered resignations, and both did not respond to requests for comment.
Huang’s planned departure represents the third senior-level exit from Goldman’s China operations so far this year. Earlier, Cai Wei, a co-head of China, retired in January. In March, Zhang Yi, who had led multiple manufacturing and industrial-related transactions, left Goldman to join JPMorgan Chase & Co. as co-head of China investment banking.
Thong’s decision to leave coincides with shifting positioning in Asia’s health-care advisory market. Morgan Stanley and Citigroup have outpaced Goldman in that market, where dealmaking across the region excluding Japan has picked up since 2024, according to the reporting.
Context and implications
The departures underline continued senior turnover within Goldman’s China franchise this year. The movement of senior bankers to other institutions and industries, and the competitive dynamics in Asia’s health-care advisory space, are reflected in the personnel changes documented.
At this stage, neither Goldman Sachs nor the departing bankers have publicly confirmed the timing or other details of the exits beyond the reports cited.
Key points
- Two senior Goldman bankers with seven years at the firm are set to leave Asia operations: Dawei Huang (co-head, China TMT) and Samuel Thong (health-care banking for Asia ex-Japan).
- Huang intends to move into a technology company; Thong’s exit occurs as Morgan Stanley and Citigroup have taken the lead in Asia’s health-care advisory market amid higher deal activity outside Japan since 2024.
- Huang’s departure is the third senior exit in Goldman’s China operation this year, following Cai Wei’s retirement in January and Zhang Yi’s move to JPMorgan in March.
Risks and uncertainties
- Neither banker has officially resigned, leaving the timing and final terms of the departures uncertain - this affects clarity on immediate leadership gaps in China TMT and health-care banking.
- Senior turnover in Goldman’s China operations could influence the firm’s deal coverage and client relationships in the region, particularly in TMT and industrial sectors.
- Shifts in advisory market share for health-care deals in Asia ex-Japan create uncertainty about Goldman's competitive positioning as Morgan Stanley and Citigroup gain ground.