Goldman relocates Morse as co-head for China business

Bloomberg

Goldman Sachs Group Inc. appointed E.G. Morse to co-lead the China business and will relocate him to Shanghai as the US bank continues to ramp up in the world’s second-largest economy.
Morse, currently head of Singapore, will become co-head of Goldman Sachs China alongside Wei Cai and Sean Fan, who are based in Hong Kong and Beijing, respectively, according to internal memos confirmed by a Hong Kong-based spokesman. Morse was also named head of China global markets, a newly created position to beef up the bank’s securities operation.
With three partners — the highest rank at Goldman — focused on China, the US firm’s senior executive mainland bench would be stronger than any of its Wall Street rivals. The appointment comes after Goldman won approval to own 100% of its securities venture despite growing concerns over slowing Chinese growth, Covid Zero measures and tumbling stock markets.
Goldman has plans to double its workforce in mainland China, also targeting wealth management. Since the outbreak of the pandemic in early 2020, the New York-based bank has relocated 50 people onshore from other offices, the spokesman said.

The move comes at a time when some country heads at its top competitors have stepped aside in an unprecedented run of departures. Houston Huang and Tim Tu, China-based chief executive officers of the onshore securities units of JPMorgan Chase & Co. and Credit Suisse Group AG respectively, stepped aside last month, while David Chin, Hong Kong-based China country head for UBS Group AG, relinquished his role to focus on the Asia Pacific investment bank.
Goldman has plans to double its workforce in mainland China, also targeting wealth management. Since the outbreak of the pandemic in early 2020, the New York-based bank has relocated 50 people onshore from other offices, the spokesman said.
Morse, who joined Goldman in 2008, was named managing director in 2009 and partner in 2016. He moves from being head of Asia Pacific ex-Japan fixed income, currencies and commodities sales.
Meanwhile, the bank appointed James Ellery and Faisal Shamsee as co-heads of Goldman Sachs Singapore to take over from Morse.