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Another two bites out of the Asia roster
Goldman Sachs is reportedly about to lose two senior bankers from its Asia operations after seven years at the firm. That’s not exactly the kind of news that makes a stock jump, but it is the sort of thing that can make a bank’s rivals start circling like sharks with better spreadsheets.
Who’s leaving?
- Dawei Huang, who co-heads China technology, media and telecommunications, is planning to leave banking altogether for a tech company.
- Samuel Thong, who helps lead Asia healthcare investment banking excluding Japan, is also set to depart.
For Goldman, departures at this level matter because banking is a relationship business dressed up in a nice suit. Lose the rainmakers, and you risk losing some of the clients who came for them.
Why investors should care
This doesn’t scream existential crisis — it’s Goldman, not a startup trying to hold the office together with cold brew and optimism. But senior-banker turnover can still dent deal coverage, especially in Asia where competition for experienced talent is fierce and client relationships are everything.
Big picture: one or two departures won’t move the whole machine, but in investment banking, people are the product. And those products just walked out the door.