People Moves

Goldman Sachs Reshuffles Management Under New CEO Regime

Tom Burroughes Group Editor 22 October 2018

Goldman Sachs Reshuffles Management Under New CEO Regime

The US firm is reshuffling some of its managers amid recent controversy over Asia-linked deals, a report said.

Goldman Sachs is reportedly changing its Asia leadership, with several staff being removed from senior roles amid a corruption scandal in the region, the Wall Street Journal reported over the weekend. The US-listed firm reported third-quarter financial results a few days ago.

Andrea Vella and Kate Richdale, Goldman’s investment banking chiefs in the region, are being moved out from management roles to take on more client-facing positions, the WSJ said, without citing sources by name. The duo will be replaced by Todd Leland, an advisor to European banks and asset managers, the report said.

Family Wealth Report has contacted the firm for comment and may update in due course.

At the start of this month David Solomon took up his role as chief executive, replacing Lloyd Blankfein, who has retired from the post having been at the helm for the past 12 years.

The WSJ said that Vella was involved in a couple of controversial transactions at Goldmans. He structured a Malaysian bond offering that has mired the firm in the massive 1MDB corruption scandal in the Asian country. Vella also worked on a derivative sold to Libya’s sovereign wealth fund that led to a court case in 2017. (The newspaper noted, however, that Goldmans was absolved of wrongdoing.)

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