Recruiting in China

HONG KONG -- Goldman Sachs Group Inc. named Cai Jinyong, an eight-year veteran of the firm, as chief executive of its Chinese securities joint venture and head of Goldman's China investment-banking business, according to an internal memo reviewed by The Wall Street Journal.

The promotion of Mr. Cai, who made partner in 2006, should bring some stability to the top ranks of Goldman's China operations after the departure of Richard Ong, its most senior Beijing-based banker, this month.

Mr. Ong, Goldman's co-head of investment banking in Asia excluding Japan, is leaving to help run a new private-equity fund raising over $2 billion. He will be joined by Fang Fenglei, the chairman of the joint venture, Goldman Sachs Gaohua Securities Co. Mr. Fang continues to serve as chairman of the joint venture, which was one of the first such Chinese JVs, formed in late 2004.

Mr. Cai will succeed Zha Xiangyang as CEO of the joint venture. Goldman said in the memo that Mr. Zha is leaving the firm. Mr. Zha didn't reply to an email seeking comment.

Mr. Cai, 48 years old, brings extensive China experience. He most recently led Goldman's team of China bankers dedicated to landing deals in oil, gas and power. Born in China, Mr. Cai earned a Ph.D. in economics at Boston University, graduating in 1990. He then worked for the World Bank, before starting his investment-banking career at Morgan Stanley.