JPMorgan Chase is bringing Yi Zhang on board from Goldman Sachs to serve as co-head of its China investment banking franchise, according to an internal memo seen by Reuters. Zhang, who most recently led Goldman Sachs' China industrials coverage, will join JPMorgan in the summer and share co-head responsibilities with Michelle Wang, who will remain in her current role.
A JPMorgan spokesperson confirmed the contents of the internal memo and noted that the bank has made more than a dozen investment banking hires over the past year. The memo framed Zhang's hire as part of an ongoing effort to bolster the bank's Asia investment banking operations amid a stronger-than-usual deal pipeline across the region.
Those deal dynamics include a surge in initial public offerings in Hong Kong and active merger-and-acquisition markets in Japan and Australia, which have increased demand for senior banking talent across firms operating in Asia. The memo said Zhang brings 22 years of investment banking experience to his new post.
Goldman Sachs declined to comment on the move. Attempts to reach Zhang directly via LinkedIn did not receive an immediate response, the memo noted.
In conjunction with Zhang's appointment, JPMorgan is reshaping other senior roles in the region. David Lau, currently JPMorgan's co-head of China investment banking, will be elevated to vice chair of investment banking for Asia Pacific. In that capacity, Lau is expected to assume broader regional responsibilities, including leading coverage for certain key Hong Kong-based clients, deepening engagement with Hong Kong regulators and maintaining oversight of the bank's Asia Pacific healthcare practice.
The memo also referenced recent senior hires across the bank's Asia franchise. In December, JPMorgan appointed Yu Chikami, another former Goldman Sachs banker, as Japan co-head of investment banking. Other 2025 senior recruits listed in the memo included Jane Wu, hired as head of China healthcare investment banking, and Dragi Ristevski, who joined from Macquarie as co-head of general industrials and head of financial sponsors for Australia and New Zealand.
Industry-wide, other global banks have likewise stepped up recruiting to handle growing and more demanding deal flow, the memo observed. Separately, Reuters reported in August 2025 that JPMorgan had hired more than 300 bankers between January and April across its global banking unit.
The internal memo and subsequent confirmation by the bank underscore JPMorgan's intent to strengthen its coverage and leadership footprint across Asia as transaction volumes pick up in several regional markets. Details on reporting lines and the precise timing of Zhang's first day were not provided beyond the summer start timeframe.