Amid a resurgence in deals in the Asia-Pacific (APAC) theatre, a fresh wave of poaching, especially at the post-bonus level, has emerged among the world’s largest investment banks, with many senior industry professionals leaving for competitors. And it has hit key coverage groups, be it real estate or equity capital markets.
Prominent among the high-profile company switches is Indran Thana, a 15-year UBS Group veteran and Asia head of real estate, lodging, and leisure, who will join Citigroup. Thana will fill the vacancy left by Jonathan Quek, who departed for Jefferies Financial Group.
While Min Zhao, a managing director at Bank of America, is moving to Jefferies, Citi banker Aaron Zhang left for Morgan Stanley. Warren Wu, head of TMT for Southeast Asia and India at UBS, has also stepped down. Karen Chen, JPMorgan Chase’s China head of consumer and retail, recently resigned to join a rival.
UBS Group is also losing Hong Kong-based dealmaker Fergus Horrobin, who is joining JPMorgan to run its international real estate investment banking business from London.
Unlike many Wall Street peers who implemented sweeping job cuts over the last two years, UBS Group largely maintained its headcount in Asia. However, the institution is undergoing a bizarre trend, actively managing its roster, which includes pushing out average performers while losing top-tier talent to more aggressive bidders, as per a Bloomberg report.
JPMorgan, with the goal of cashing in on the resurgence of deals in the Asia-Pacific theatre, has reportedly hired about a dozen senior investment bankers for the region in the past six months. Since August 2025, Citigroup has steadily added key talent for its investment banking business in Asia. This includes Kaustubh Kulkarni as co-head of investment banking, Deepak Dangayach as co-head of debt capital markets (joining from Deutsche Bank), and Vikram Chavali as head of financial sponsors for the region (joining from Goldman Sachs).
According to JP Morgan’s projection, investors and dealmakers in the region are entering 2026 with high hopes.
“With a record USD 334 billion raised, making up over a third of global equity capital market (ECM) volumes, APAC has emerged as a global ECM powerhouse, with a robust pipeline already in place for the year ahead,” the world’s largest bank by market capitalisation said in its latest projection for the region.
“Despite pockets of volatility, we see a strong pipeline carrying into 2026 as increasing interest in broader AI themes, resilient earnings and clearer policy support active IPOs, cross-border listings and bespoke financings across the region,” said Peihao Huang, head of equity capital markets for Asia Pacific at JP Morgan.
While APAC’s IPO proceeds surged to USD 90 billion in 2025 (a 73% year-on-year rise), Hong Kong/China and India accounted for over half of the region’s activity. While Hong Kong led with 32% of IPO volumes, India, the South Asian giant, posted its highest annual tally ever at 25%, delivering five USD 1 billion-plus IPOs.