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(Corrects title and first paragraph to make clear changes not yet announced)
HONG KONG, Oct. 21 (Reuters) – Goldman Sachs Group veteran banker Todd Leland will become head of investment banking in Asia, a well-informed person on the issue said on Sunday. bank executives since the inauguration of President David Solomon this month.
In this new role, Leland, an American who joined Goldman in 1992, will replace Andrea Vella and Kate Richdale as head of Asia's investment banking division, excluding Japan. Vella and Richdale were named co-chairs of the unit in 2015.
Vella and Richdale will remain in Asia to become the co-chairs of the unit, said the person, who declined to be named because the move has not yet been made public.
A spokeswoman for Goldman declined to comment.
Leland was appointed co-chair of the Asia-Pacific Bank outside Japan last September, after working in London for 10 years.
He takes office at a time when China's aggressive pressure on mergers and acquisitions has slowed this year in the context of a growing trade war with the United States, and the weakening of the markets should weigh on the appetite for new share offers.
In the first nine months of 2018, Goldman's revenue in Asia, the smallest of its three regions, grew 9% to $ 3.9 billion. Asia's share of the group's sales dropped 1 percentage point to 14 percent, according to its filings.
Richdale, who is fluent in Mandarin and has negotiating experience in Southeast Asia, joined Goldman after joining Morgan Stanley in March 2013.
Prior to taking the lead in Asia, Vella was co-head of the finance group in the region since January 2014. Previously, he was responsible for capital markets in Asia excluding Japan.
Among other changes since Solomon's appointment as Group Chief Executive, Goldman has appointed Dan Dees last month to head the investment banking group in the technology, media and telecommunications sectors co-director of investment banking activities.
Dees will share his new title with Gregg Lemkau and Marc Nachmann.
Dees' promotion comes about a week after Goldman named John Waldron, former co-head of investment banking, as president and chief operating officer, and appointed Stephen Scherr as chief financial officer.
The Wall Street Journal reported for the first time the change of Asian leaders at Goldman on Saturday. (Report by Sumeet Chatterjee, edited by Christian Schmollinger)
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