Deutsche hires Zhang

Head of corporate finance Philip Crotty discusses why the hire of Lee Zhang will help the bank break into the fiercely competitive China investment banking market.
The appointment of Lee Zhang to head the Greater China team signifies a big coup for Deutsche, which has been aggressively building its investment banking operations and a blow for Goldman, where Zhang was regarded as second only to Ziwang Xu, the US investment bank's most senior rainmaker on the Mainland.

Zhang's calling card is said to be an extensive network of middle management contacts across corporate China. In particular, he is a well-known figure at the heart of what is known as the tea party circle, the Chinese equivalent of the old boy's club. Where, for example, Xu has always been Goldman's direct link to senior officials, Zhang...

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