(Bloomberg) -- Goldman Sachs Group Inc.’s deputy head for a China unit is leaving for HSBC Holdings Plc, the second senior exit from the US bank’s China operations this year, people familiar with the matter said.
Lu Tian, deputy general manager of Goldman Sachs (China) Securities Co., will replace Irene Ho, who will retire as CEO and general manager of HSBC’s securities business in China, the people said, asking not to be identified before an announcement.
Hong Kong-based spokespeople at Goldman and HSBC declined to comment. Lu declined to comment.
Wall Street banks including Morgan Stanley and JPMorgan Chase & Co. have made unprecedented rounds of job cuts in China in the past two years to reduce expenses amid a deal drought and deteriorating US-China relations.
HSBC meanwhile has been bolstering its Asian roots, deploying more capital to Southeast Asia and China. The London-based bank has made several senior hires in the past year, including Christina Ma, Goldman’s former head of Greater China equities, and Tang Zhenyi, former China CEO at Credit Suisse.
Lu’s departure from Goldman follows that of E.G. Morse, who retired in April as the bank’s co-head for China after 16 years at the firm. Based in Shanghai, Lu had been leading the firm’s global markets operation, focusing on fixed-income, currencies and equities.
Lu was named deputy chief of Beijing Gao Hua Securities in 2019, before Goldman bought out its former partner to create a stand alone firm. Prior to his relocation to Shanghai, he was a managing director and co-head of China research at Goldman, according to his LinkedIn profile.
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