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Nicholson worked at Merrill Lynch and J.P. Morgan in New York City before moving to Hong Kong in 2002 to take up a position as Credit Suisse First Boston's Asia-ex-Japan head of equity capital markets. In 2005, he transferred to the Macquarie Group, where he held the position of head of China equity capital markets, part of a large recruitment drive which saw Macquarie poach Hong Kong-based ECM staff from a number of major banks.
Nicholson applied to the Hong Kong Immigration Department for naturalisation as a Chinese citizen; as the Nationality Law of the People's Republic of China does not permit applicants for naturalisation to retain their former citizenships, he renounced U.S. citizenship on 12 April 2013 at the U.S. Consulate-General in Hong Kong.
It actually makes sense. Because of Obama's policies, more Americans are renouncing the US citizenship to avoid double taxation. Not only are their earnings taxed in the country they are living in, they are also being taxed by the US as US citizens living abroad.
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