China banker swapping continues

In what looks like a bizarre swapping of China staff between two US firms, Morgan Stanley has hired Kai Yang from Citigroup. This follows its own recent loss of managing director and co-head of China investment banking, Jing Zhao to Citigroup, who became a managing director in CitigroupÆs China investment banking team. Morgan's hire of Kai Yang may go some way to filling the gap left by Zhao. The 40-year old Beijing-and-Oxford educated Yang will report to CG Wu, Morgan Stanley's head…