The Wall Street Journal-20080131-Goldman-s Ong Will Leave

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Goldman's Ong Will Leave

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HONG KONG -- Goldman Sachs Group Inc.'s co-head of investment banking for Asia excluding Japan, Richard Ong, is leaving the firm, according to an internal memo reviewed by The Wall Street Journal.

Mark Machin, who shares Mr. Ong's title, will become the sole head of investment banking for the region until a successor to Mr. Ong is named, according to a person familiar with the situation.

The Beijing-based Mr. Ong, who has spent 15 years at Goldman, will becomean advisory director to the firm once he leaves in March, according to the memo. Mr. Ong didn't reply to an email seeking comment.