People News: Bank of America, Point 72

Bank of America has lost its second co-head of Asia industrial banking with the departure of Richard Zhang for a Chinese online logistics company.

Bloomberg News reports that Zhang, 42, said he resigned recently and this week joined Truck Alliance, a 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.

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.

In the meantime, Bloomberg News also reports that Point72 Asset Management, the investment firm that oversees Steven A. Cohen’s wealth, has hired Will Tovey as head of its London office.

Tovey, who was co-head of equity distribution for Barclays in Europe, is joining Point72 as the investment firm returns to the U.K. after an absence of two years.

Bank of America Loses Second Head of Asia Industrial Banking

Point72 Hires Barclays's Will Tovey as Head of London Office

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