After years of relative calm in the hiring market, when geopolitical uncertainty and slower deal flow kept top bankers largely in place, Asia’s banking sector is on the move again. While the dealmaking activities see a revival, so does the fresh wave of talent competition, with financial giants not minding indulging in the process of talent poaching from their industry peers.
That is the headline right now: senior bankers are leaving their current firms for competitors at a pace that has not been seen in some time. And interestingly, many of these moves are happening after the annual bonus season, a pattern that’s becoming more pronounced as bankers feel confident about future opportunities.
It’s a double bounceback
According to global law firm A&O Shearman (that also provides top-tier corporate and M&A advices across the jurisdictions), Japan and China were the mainstays of M&A (mergers and acquisitions) activities across Asia Pacific (APAC) in 2025, with factors like regulatory reforms and restructurings in the world’s second-largest economy and a sustained run of take-privates in Japan driving a significant proportion of regional dealmaking activities.
“Asia Pacific, including Japan, recorded $946 billion of deals in the year to December 1, 2025, surpassing 2024’s total deal value of $687.7 billion. The region recorded fewer deals over the same period in 2025 compared to 2024 (14,257 vs. 16,944). Greater China M&A by value in the year to December 1 was 46% higher than 2024’s total at $399 billion, following a series of large-cap transactions, with deal volumes slightly down,” the law firm noted.
Citigroup sees dealmaking activity in the Asia Pacific region holding strong in 2026, particularly for mergers and acquisitions in big economies like China and India. As per the American financial giant, there will be greater M&A from the Middle East into China and elsewhere as multinational companies pursue growth in important markets, while financial sponsors will remain increasingly active.
For a couple of years, investment banking in Asia was somewhat muted. Deals were fewer, markets were jittery, and a lot of banks kept hiring tight. But things have changed for good, especially in areas like mergers and acquisitions, IPOs in Hong Kong, and strategic financings across Australia and Japan. With these developments, demand for experienced bankers has shot up as well.
JPMorgan Chase recently hired Yi Zhang, a senior banker with 22 years’ experience from Goldman Sachs, as co head of China investment banking. The big move is part of a broader push by JPMorgan to expand its presence as deal flow strengthens in the APAC region. The bank has hired more than a dozen senior bankers in Asia over the past year. As deal pipelines grow, expect banks to deploy more dealmakers at the front of the line, and they are willing to pay up, sometimes aggressively, to bring them in.
Post bonus moves: The new norm
Traditionally, the period right after bonuses are paid, typically late winter to early spring, has always been a time when bankers think about moving. It makes practical sense. They’ve just received a large part of their annual pay, and if they switch jobs right after, they do not lose out on that bonus.
What is different now is that this pattern, once predictable, is intensifying. The number of senior bankers considering switching roles right after bonus season seems to be higher than usual. Senior bankers who spent years staying put are suddenly open to offers, not just for a small salary bump but for real leadership roles in growing teams.
In part, this reflects a broader sense of optimism among deal teams. People who were hesitant to make a move when markets were slow are now thinking, “If activity is picking up, I want to be somewhere that is capturing that momentum.”
Some of the more notable departures include: Indran Thana, a 15 year veteran at UBS and Asia head of real estate, lodging, and leisure, resigned to join Citigroup; Min Zhao, a managing director at Bank of America, moved to Jefferies; and Aaron Zhang, formerly at Citi, left for Morgan Stanley. Warren Wu, who led technology, media, and telecom coverage at UBS in Southeast Asia and India, stepped down, while Karen Chen, JPMorgan’s head of consumer and retail in China, resigned to join a rival firm.
All of these names are people with deep networks and strong client relationships, precisely the kind of talent banks want when deals start picking up.
Talking about UBS, Thana’s departure was not the only high-profile one, as the Swiss banking giant will also be losing its Hong Kong-based dealmaker Fergus Horrobin, who is joining JPMorgan to run the American venture’s international real estate investment banking business from London.
For Zurich-based UBS, the turnover also follows a period of intense organisational change, as the lender has been fine-tuning its headcount after absorbing a significant influx of staff from the acquisition of Credit Suisse. However, it is now losing its top-tier dealmaking talents to more aggressive bidders.
JPMorgan, on the other hand, is doubling down on its Asia-Pacific prospects, by hiring about a dozen senior investment bankers for the region since August 2025. Citigroup has been adding key talents for its investment banking business in APAC as well, including Kaustubh Kulkarni as co-head of investment banking, Deepak Dangayach as co-head of debt capital markets from Deutsche Bank, and Vikram Chavali from Goldman Sachs as head of financial sponsors for the region.
Boutiques poised to take advantage
It is not just the traditional big Wall Street names that are doing the hiring. Emerging competitors, notably firms like Jefferies, are taking advantage of the moment too. Jefferies, in particular, has been steadily expanding its footprint, especially in areas like technology, industrials, and biotechnology, which have seen strong growth in deal flow.
One industry insider told The Business Times that Jefferies has been particularly attractive for senior bankers because it offers leadership opportunities that might not be available at larger firms. That means someone who might have waited years for a promotion could suddenly find themselves running a business unit or shaping strategy for an entire region. That kind of opportunity is hard to ignore for executives who have spent years climbing the ladder.
In order to understand why this is all happening, it helps to look at how deal activity in Asia has evolved over the past year. Although exact deal numbers vary by market, there is clear evidence that the Asia Pacific is seeing more transactions compared with the recent past. IPO activity in Hong Kong is particularly noteworthy. After a slow spell, more companies are testing the public markets again, and bankers are needed to help lead those deals.
Meanwhile, mergers and acquisitions, especially cross border deals, have picked up in places like Japan and Australia. Private equity has also been active, with funds competing for assets and driving bankers to structure financing packages. This resurgence in deal flow has created a palpable buzz on trading floors and in investment banking divisions. Conversations that had been cautious just months ago are now focused on the pipeline, strategy, and how to win mandates.
Effects on corporate banking culture
Investment banking has always been a high pressure, high mobility industry. People talk about working long hours, chasing deals, and sometimes moving jobs frequently, early in their careers. But for senior leaders, those with decades of experience and deep client ties, moving firms was not always the norm. Many are stuck with one institution for most of their career.
Now that is changing. Senior bankers are more willing to explore options, often prompted by two main things, which are career opportunities and market momentum. Several senior bankers who left recently told local media they felt they could take on broader responsibilities and help shape their new firms’ strategies in a way they hadn’t been able to before. This is not about pay alone, although compensation certainly plays a role. It’s about being part of a team that’s gaining traction in an increasingly competitive environment.
Clients pay attention as well. When a senior banker they know and trust moves to a rival, it can influence where they take their business. Some firms have told clients proactively that they are building up their regional capabilities. Others have shared that their new hires bring specific expertise in certain sectors, such as technology, healthcare, and consumer industries, where deal mandates are emerging. This dynamic creates a kind of feedback loop, as firms hire experienced dealmakers, they attract more mandates, which then require more talent. That, in turn, drives further hiring.
However, critics worry that too much poaching could create instability, especially if the deal markets slow again. But for now, with deal pipelines looking healthy, most firms seem willing to take that risk.
Still, one thing is crystal clear here. For a sector that has seen its fair share of slowdowns, regulatory changes, and global uncertainty, this wave of moves is a breath of fresh air. For bankers, it’s also a clear reminder that timing, particularly around bonus season and active deal flow, can make all the difference in choosing their next career step.