Citigroup, Inc (NYSE: C) employees Wu Sheng, Meng Song and Ji Yehong have resigned as managing directors for the bank’s team in China to join rival companies, according to media reports.
Wu will join Barclays Plc (NYSE: BCS) and Ji will become an employee at Credit Suisse AG. Previously, the executives reported to Eugene Qian and Rodney Tsang, co-heads of global banking for China. Media reports said that Meng Song, a vice president on Citigroup’s China team, will join Goldman Sachs Group Inc. (NYSE: GS)’s local securities venture.
Both Yi and Wu joined Citigroup, Inc (NYSE: C) in 2006 from Morgan Stanley (NYSE: MS). The two executives left two months after Citigroup, Inc (NYSE: C) promoted Qian and Tsang. Citigroup, Inc (NYSE: C) has been building its investment banking team in China over the past four years and now has a team of more than 50 people.
“Banking is one of the sectors where there does seem to be quite a scramble for people at the moment,” said Brian Renwick, Boyden Global Executive Search’s managing director for China to Business Week. “There’s a lot of movement taking place.”
