UBS China Banking Co-Head Sun to Leave Firm After 17 Years
(Bloomberg) — UBS Group AG’s co-head of China global banking plans to leave the firm after 17 years, according to a memo seen by Bloomberg News, the latest in a series of senior staff changes at investment banks in Asia.
Lijun Sun is leaving at the end of June to pursue other interests, according to the memo. He’ll be replaced by Solomon Li, who leads the firm’s Shanghai global banking branch. Li will work with fellow co-head Edwin Chen, who is based in Beijing. A spokesperson for UBS in Hong Kong confirmed the content of the memo.
A number of senior dealmakers in the region have left their positions this year, including from JPMorgan Chase & Co. and Citigroup Inc. Some have taken up corporate roles to lock in stable compensation packages and exit the high-pressure environment of investment banking before the current wave of capital raises and mergers inevitably ebbs.
Wall Street banks are contending with elevated churn, fueled by poaching from both rival firms and corporate entities. The departures come as Hong Kong and mainland China have become the focal point of dealmaking and revenue generation for global banks in Asia. Hong Kong listing proceeds are set to top $40 billion in 2026, surpassing last year despite tighter scrutiny of initial public offerings, according to Bloomberg Intelligence.
Li joined UBS in Hong Kong in 2016 and moved to Shanghai in 2021, according to the memo.
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