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Andrea Vella and Kate Richdale, Goldman Sachs' two largest investment bankers in Asia Pacific, are stepping down as David Solomon has been appointed managing director across the Pacific.
A person familiar with the situation told the Financial Times that the bank would announce that the duo would move from co-directors of the Asia-Pacific ex-Japan investment bank to the role of "presidents" in the coming days, while Richard Gnodde , boss of Goldman Sachs International, arrives in Hong Kong. his first trip since the addition of Asia to his responsibilities.
Todd Leland, an investment banker who moved to Hong Kong a year ago as co-chair of the region, will lead the investment bank for the Asia-Pacific region – a change that was not envisaged upon arrival. Mr. Leland will remain co-chair alongside James Paradise, who also heads the securities division for Asia-Pacific.
The bank has no president for investment bank since Tim Freshwater left office in 2011
The news was first reported by the Wall Street Journal.
Goldman said the transition from Lloyd Blankfein's 12-year reign to Solomon's term would be an evolution and not a revolution, but the company's global operations have undergone a succession of leadership changes since the appointment of Mr. Solomon as general manager appointed in July. including a new chief financial officer, Stephen Scherr, and a new president, John Waldron.
The "presidency" is often viewed negatively in the financial sector, as the loss of management responsibility may ultimately indicate that bankers are also losing confidence in their bosses.
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Two people aware of the situation told the Financial Times that this was not the case of Mr. Vella, a Goldman veteran who said he was surprised to bang his shoe in a legal battle against the Libyan sovereign fund, or Ms. Richdale, a woman. Fluent in Mandarin, she became a partner in 2013 after 13 years at Morgan Stanley.
"[They are] the wrong people in the role, "said one person. "Neither one nor the other does appreciate it. They have been very successful at focusing on customers and transactions. What they do not control so well is the management of people. "
Goldman sent a hundred business bankers to Asia Pacific in 2016 to improve the results of his division.
Ms. Richdale and Mr. Vella are looking forward to returning to the work of the clients, said the second person, adding that Goldman would simply drive them out if they were no longer wanted, since 2018 is a year in which new partners are appointed and some of which already exist. we will leave to make room.
The role changes of Goldman Sachs' veterans, Andrea Vella and Kate Richdale, who joined the firm five years ago, are the latest in a series of leadership changes since David Solomon was named president of the firm. bank.
Goldman Sachs declined to comment on the case.
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