Goldman Sachs Group Inc’s co-head of its China business, EG Morse, will retire after 16 years at the firm, according to an internal memo.

Morse relocated to Shanghai from Singapore in 2022 to help with the US bank’s expansion in the world’s second-largest economy. Prior to that, he was head of Singapore, where he oversaw Goldman’s activities across South Asia. He joined the bank in 2008, according to the memo which was confirmed by a bank spokesman.

His departure comes amid a string of exits across global investment banking in China. Firms are recalibrating their approach to the nation as geopolitical tension has dented once ambitious plans amid a decline in dealmaking. JPMorgan Chase & Co’s head of China also announced his retirement earlier this year. 

Kevin Sneader, Goldman’s president of Asia-Pacific ex-Japan, said in January that he felt good about its China presence, citing opportunities in renewables, new energy vehicles and other areas of the new economy that China is well-positioned to capture.

Morse will also resign as head of the strategic client coverage group for fixed-income, commodities, currencies and equities for Asia ex-Japan.