Goldman Sachs is to reshuffle the board of its UK subsidiary following the resignation of four executive members, the Wall Street Journal reports, citing documents filed with Companies House.

Yoel Zaoui, Christopher French, David Wildermuth and Matthew Westerman have reportedly stepped down from Goldman Sachs International. The first three, who retain these primary roles, are respectively co-head of global mergers and acquisitions, European head of private wealth management and managing director in the financing division.

Westerman, meanwhile, has relocated to the firm’s Hong Kong office, the report said. He was recently named as co-head of investment banking for Asia-Pacific ex-Japan.

The board of Goldman Sachs International now has four executive directors; Glenn Earle, the business’ former chief operating officer, stepped down at the end of last year.

The remaining executive members are chairman Peter Sutherland, vice-chairman Lord [Brian] Griffiths, co-chief executives Richard Gnodde and Michael Sherwood, and chief operating officer Robin Vince, according to the WSJ.

Goldman Sachs did not respond to enquiries from this publication on the matter.

In its 2011 results Goldman Sachs reported that net revenues from its investment management business dropped 16 per cent year-over-year to $1.26 billion for the fourth quarter. For the full year, net revenues from investment management were $5.03 billion, which the Wall Street firm said was relatively unchanged from 2010, due primarily to a mix of higher management and other fees, and lower incentive fees.

Assets under management decreased by $12 billion to finish the year at $828 billion, reflecting net outflows of $17 billion, partially offset by net market appreciation of $5 billion. Outflows were concentrated in fixed income and equity assets, and were offset by inflows in money market assets.