The battle for top-tier investment bankers is intensifying as Hong Kong's IPO market continues to gain momentum. According to sources familiar with the matter, Citigroup's veteran banker, Alexander Schrantz, is poised to leave the firm and join Goldman Sachs. This departure marks the latest high-profile exit from the bank's Hong Kong team, following the earlier resignation of its Asia investment banking head earlier this year.

Schrantz, who was recently appointed to the listing committee of Hong Kong Exchanges and Clearing Limited (HKEX), currently serves as Citigroup's head of corporate finance for North Asia, Australia, and South Asia. He is reportedly returning to Goldman Sachs, where he previously spent 19 years of his career. His departure comes at a time when Citigroup is striving to revive its Asian operations. Data from Bloomberg shows that the bank's ranking in Asian equity underwriting has fallen from first place in 2024 to seventh place this year.

This personnel move follows a series of changes in Citigroup's Asian senior management. In late March, Jan Metzger, co-head of Asia investment banking, left the firm to join Standard Chartered as global head of corporate and investment banking. Prior to that, Citigroup had appointed a new executive to co-lead the Asia business with him. In November last year, Ben Ngai, head of Hong Kong investment banking, resigned, with Schrantz temporarily taking over his responsibilities. Schrantz originally joined Goldman Sachs in 1992, briefly worked at Barclays, and moved to Citigroup in 2012.