NEW YORK: Bank of America Corp. has lost its second co-head of Asia industrial banking with the departure of Richard Zhang for a Chinese online logistics company.
Zhang, 42, said he resigned recently and this week joined Truck Alliance, a Guiyang-based company that provides an online marketplace for Chinese truckers and shippers. Zhang said he will be based in Shanghai as the firm’s chief financial officer, and is a partner in the company, reports Bloomberg.
Zhang’s resignation follows the departure of the bank’s other former co-head of Asia industrial investment banking, Patrick Steinemann. He was among at least 15 senior bankers cut in the second week of March, people with knowledge of the matter said at the time.
Bank of America has appointed Shamus Hassan, head of energy and power investment banking for the Asia-Pacific region, to take on the additional role of sole head of industrial banking for Asia Pacific, a person with knowledge of the matter said.
Paul Scanlon, a Hong Kong spokesman at the bank, declined to comment. Zhang rejoined Bank of America in 2012 from Citigroup Inc. in the co-head role. Before Citigroup, he worked at Merrill Lynch & Co. from 2003.
Known as Huochebang in Chinese, Truck Alliance is backed by Tencent Holdings Ltd. and DCM Ventures LLC, Zhang said. It currently has a user base of 1.5 million registered truck drivers and 300,000 registered logistic companies, he said.