(Bloomberg) -- Goldman Sachs Group Inc.’s co-head of China investment banking, Hansong Zhu, plans to depart, joining a spree of senior partners who’ve recently left.

Zhu, a 19-year company veteran, also runs the firm’s industrial and natural resources banking group for Asia excluding Japan. The New York-based firm announced his exit in a memo to staff on Wednesday.

Zhu is the third partner to depart Goldman’s investment banking operations in Asia this year after Todd Leland took over that business last October, reshuffling the unit with several senior hires. Wei Cai, who was hired last year, will become sole head of China investment banking, a company spokesman said, confirming the memo’s contents.

The moves come as Goldman Sachs seeks regulatory approval to buy a majority stake in its investment banking joint venture in China, setting the stage for eventually gaining full control.

(Updates with background on Zhu and personnel changes from the second paragraph.)

To contact the reporter on this story: Cathy Chan in Hong Kong at kchan14@bloomberg.net

To contact the editors responsible for this story: Jun Luo at jluo6@bloomberg.net, David Scheer, Steve Dickson

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