Goldman Rejigs Asia Financing Leadership; Korea Head to Leave

Denise Wee, Bloomberg News

(Bloomberg) -- Goldman Sachs Group Inc is reshuffling the top ranks of its Asia Pacific ex-Japan financing group and rejigging its leadership in Korea, as part of broader changes within the bank globally.

Korea country head David Chung will leave the firm, according to an internal memo, which was confirmed by a bank spokesman. Chung, who is also head of Korea investment banking, was at Goldman for more than 25 years. He joined the firm in 1999 as an analyst in corporate finance in Seoul, and became a managing director in 2008.

Jae Joon Choi, who is currently head of Korea fixed income currencies and commodities and equities, will become the country head of Korea, the memo said. Edward Byun, co-head of equity capital markets for Asia ex-Japan, will oversee the investment-banking franchise in Korea on an interim basis. He will work closely with Seok Yong Lee, who will become chief operating officer for investment banking in Korea.

Within the region’s financing group, Nicola Dondi will lead Asia ex-Japan bond financing, in addition to his current role as head of Asia Pacific ex-Japan structured credit financing. Dondi also oversees Asia ex-Japan fixed income currency and commodities derivatives, according to a separate internal memo seen by Bloomberg News. A spokesman confirmed the contents of the memo.

Nelson Lo will lead Asia ex-Japan leveraged finance including origination, execution, syndicate and risk management. Jared Baker will provide oversight on the Australia and New Zealand bond financing business, in addition to his current role of heading Australia and New Zealand solutions business. Andrew Chan will become head of Asia ex-Japan bond syndicate, the memo said.

Within equities, Christian Lhert and Stella Yu will co-lead an Asia Pacific ex-Japan structured equities group, according to the memo. Lhert will help to strengthen overall product offerings with a focus on ex-China and sponsor clients while Yu will expand coverage of convertible bond and so-called PIPE, or private investment in public equity products for select China clients, the memo said. She will retain primary focus on equity derivatives and equity-backed financing.