Yang Changpo, a Beijing-based partner at Goldman Sachs Group Inc. (GS:US), retired from the position after more than seven years with the New York-based investment bank.
The 59-year-old executive, who joined Goldman Sachs in October 2006, will continue to work for the bank as an advisory director and will pursue charitable activities involving health care in China, he said in a telephone interview today.
Yang becomes the third Beijing-based partner to step down from his position since December 2011. Chief Executive Officer Lloyd C. Blankfein said in November that the fifth-biggest U.S. bank by assets is always focused on recruiting and retaining top talent, even as it sets aside a lower portion of revenue for compensation.
Yang will remain a member of Goldman Sachs’s executive committee for China investment banking and serve as a mentor to bankers on that team, according to Edward Naylor, a Hong Kong-based spokesman at the bank.
The departure follows that of Cai Jinyong, former chief executive officer of the Goldman Sachs Gao Hua Securities Co. joint venture, who left in 2012 to run the International Finance Corp. Mark Machin, who moved to Beijing in 2009 to oversee the expansion of the advisory business in China, stepped down in December 2011 as vice-chairman for the Asia-Pacific region excluding Japan.
Yang was named a partner in late 2010 and was a managing director at the securities venture. Prior to Goldman Sachs, he spent eight years at China International Capital Corp.
The average tenure for Goldman Sachs employees with a title of vice president or higher is 9.1 years, up from 7.6 years in 2001, Blankfein said in November.
Goldman Sachs was ranked first among arrangers of Chinese domestic equity and equity-linked transactions last year, the first time since it set up its venture with Gao Hua in 2004, according to data compiled by Bloomberg. It also ranked first in advising on Chinese overseas stock sales in 2013, the data show.
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