Goldman ICBC Wealth JV CEO Leaves Amid Growth Pains, Competition
Goldman Sachs Group Inc. 's top executive at its wealth venture with China's biggest bank has resigned, people familiar with the matter said, as foreign firms struggle to gain a foothold in the country's asset management market amid deepening economic strains.
Alex Wang, chief executive officer of Goldman Sachs ICBC Wealth Management, is leaving after almost 15 years at Goldman's asset management affiliate in China, the people said, asking not to be identified because the matter isn't public. He is in discussions to join Nomura Holdings Inc. with a similar title to run its securities business, the people said, asking not to be identified.
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