Reply #82: INSTEAD, THE US SHUFFLES IT AROUND: Citigroup poaches top China investment banker

[Demeter]

http://www.ft.com/cms/s/0/56f3fe16-a33b-11de-ba74-00144feabdc0.html

Citigroup has poached one of Bank of America Merrill Lynch’s top China investment bankers to strengthen its links with the country’s fast-growing private sector companies.

Rodney Tsang is to join Citi as co-head of China investment banking after nearly three years at Merrill Lynch, according to an internal memo sent to staff on Thursday.

His departure is a loss to Merrill’s firepower in China and follows that of several other key staff who quit the US bank earlier this year following its takeover by Bank of America.

Citi has strong links with China’s state-owned enterprises and has secured a number of mandates to advise on big IPOs...