Citi's SVP for markets in China left for JPMorgan just before the big day
Today's the day that Citi's Chinese bankers have been waiting for. The bank has obtained a license to launch an onshore securities business on the mainland. It's the end of an almost five-year wait, but one of the bank's most senior Chinese markets professionals won't be there to revel in the news.
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Ji Yang, a 26-year veteran of Citi, has left to join JPMorgan as its head of North Asia local market sales. At Citi, he was a Shanghai-based executive vice president and head of global markets for China. Yang also previously spent 12 years in Hong Kong with Citi, serving as its head of corporate sales and structuring for Hong Kong and Greater China. It's a big blow for Citi; Bloomberg reported that it plans to build out equity futures trading as one of its key initial focuses.
It may be a case of bad timing that Yang couldn't even celebrate the news as a Citi employee; Reuters reported last month that the bank was expecting approval by the end of September but this, evidently, did not come to pass.
What now for Citi? Bloomberg reported that Citi plans to grow the team to more than 100 people. Several big arrivals are imminent; Citi has reportedly already found the CEO, CFO and COO of its new securities business.
Yang, Citi and JPMorgan did not respond to a request for comment.
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