Multiple Senior Asian Bankers Resign from Wall Street Investment Banking Jobs, Simultaneously Transitioning to Corporate Positions

At least six senior investment bankers involved in deal-making at global investment banks in Asia have resigned to pursue corporate roles. The region’s fluctuating bonus cycle is driving talent toward industries with less cyclical compensation.

According to sources, the departing individuals include three bankers from JPMorgan Chase: Virginia Zhang, Managing Director of Energy Investment Banking; Lingling Chen, Executive Director of the China team; and Jeff Zhou, all of whom will move into corporate positions. The new appointments have not been officially announced, and sources requested anonymity.

Sources also said that Horace Liang, Managing Director of the M&A team at Citigroup, recently resigned to join a tech company.

This wave of banking talent outflow coincides with a surge in M&A activity driven by equity capital markets, as companies recruit banking professionals to strengthen their internal strategic and financial teams. For bankers, this presents an opportunity to secure stable compensation, and before the current wave of capital raising and M&A inevitably subsides, it’s also a chance to step out of the high-pressure investment banking environment.

Other departing executives include Kenneth Sun, head of Healthcare Investment Banking for Morgan Stanley Asia-Pacific, who will join Royalty Pharma to lead its regional operations; and Vijay Vaidyanathan, a veteran who has worked at Morgan Stanley for 25 years, will later this year join Singtel as Group CFO.

Representatives from JPMorgan Chase, Morgan Stanley, and Citigroup declined to comment. The aforementioned bankers either did not respond or did not immediately reply to requests for comment.

According to a report by Boston Consulting Group, despite strong deal activity planned through 2026, policy uncertainty and geopolitical tensions will continue to undermine executive confidence.

As competition for talent intensifies and market demand for qualified IPO sponsors grows, the talent shortage is further exacerbated. In Hong Kong, regulators are tightening scrutiny of key IPO participants, and as a new wave of deals sweeps through the tech, industrial, and biotech sectors, the premiums paid for experienced bankers are rising.